August 6, 2026
At this hour:
🌽Corn market is up 0-1c,
🌱soybeans are down 1-2c,
🍞wheat is up 1-2,
🛢️crude oil is up $0.38-$0.39,
💲US Dollar is up 12 points
-Tensions between Russia and Ukraine continue to remain elevated supporting wheat prices.
-China was back in buying 12-15 cargoes of new crop soybeans from the U.S. yesterday.
-Weather looks to warm back up for the Upper Plains but good rains are expected through much of the corn-belt the next 2 weeks.
-U.S. Dollar is back trading below 100.
-The U.S. Stock market continues to rip higher as the Dow made a new all-time high yesterday.
-Weekly export sales will be out this morning. Here are the estimates courtesy of Reuters: corn 900,000-1,500,000 metric tons, soybeans 1,000,000-2,000,000 metric tons, wheat 250,000-450,000 metric tons and soybean meal 200,000-500,000 metric tons.
🐂🐻 Look for another mixed trade for Thursday.
Support/Resistance:
September corn – Support on September corn is at $4.35 1/4 which is the low from August 3rd. Resistance is at $4.47 1/2 which is the 10-day moving average.
December corn – Support comes in at $4.58 1/4 which is the 50-day moving average. Resistance comes in at $4.70 1/2 which is the 10-day moving average.
September soybeans – Support comes in at $11.30 3/4 which is the 200-day moving average. Resistance is at $11.62 1/4 which is the 100-day moving average.
November soybeans – Support is at $11.70 1/4 which is the 100-day moving average. Resistance is at $11.97 1/4 which is the 10-day moving average.
September Kansas City wheat – Support is at $6.73 which is the 100-day moving average. Resistance comes in at $7.22 which is the 10-day moving average.
Where do we go from Here:
Corn prices are pretty quiet here this morning. The trade is simply weighing out the possible scenarios of this year’s crop and strong demand. We are getting more and more yield estimates for the August 12th report next week and they all rage between 180-185 bushels per acre so far. I would say the majority of the models are in the 181-182 bushel per acre range. The heat looks to come back to the Dakotas this weekend and put more pressure on their crop, but the rest of the U.S. looks to have favorable weather for the next 2-weeks and aid in finishing off this year’s crop. December corn futures have poked down below $4.60 a few times but seems to find good support. I look for corn to grind in here and put in a seasonal low.
Soybean futures closed lower yesterday but well off their lows. The weather for the U.S. is close to ideal for soybean growth. The next 2-weeks bring good rains across most of the U.S. Soybean prices tried to selloff on that news yesterday but found support as China stepped in and bought 12-15 cargoes of new crop soybeans. It seems like November soybeans get below the $11.70 level and China steps in to buy. We still have a lot of August weather to get through and if China remains active buying soybeans, I question how much soybeans will be able to selloff. The U.S. need to grow a 53 bushel per acre soybean crop, or our planted acres need to increase. With exports picking up and the new RVO obligations, demand for U.S. soybeans should remain very strong.
Russia and Ukraine continue to shoot missiles at each other keeping the grain low from those 2 countries offline for now. How long does this last? No one knows. The longer the Black Sea region remains shutoff, the potential more demand could shift to the U.S. Russia and Ukraine are major exporters of grain, and they still have their supply to sell so this is friendly now but eventually those bushels will get moved. I look for wheat prices to remain well supported but we will need some fresh news to take us much higher.
