August 10, 2026
At this hour:
🌽Corn market is up 1-2c,
🌱soybeans are up 6-7c,
🍞wheat is up 8-9c,
🛢️crude oil is up .66,
-Russia Ukraine carried out strikes against each other with fatalities on each side.
-Strait of Hormuz remains closed.
-USDA report is out Wednesday
🐂🐻 Look for a higher to steady trade today.
Support/Resistance:
September corn – Support on September corn is at $4.35 1/4 which is the low from August 3rd. Resistance is at $4.45 1/2 which is the 10-day moving average.
December corn – Support comes in at $4.58 which is the 50-day moving average. Resistance comes in at $4.68 1/4 which is the 10-day moving average.
September soybeans – Support comes in at $11.31 1/4 which is the 200-day moving average. Resistance is at $11.73 3/4 which is the 10-day moving average.
November soybeans – Support is at $11.71 which is the 100-day moving average. Resistance is at $11.90 3/4 which is the 10-day moving average.
September Kansas City wheat – Support is at $6.73 1/2 which is the 100-day moving average. Resistance comes in at $7.16 which is the 10-day moving average.
Where do we go from Here:
Corn and soybeans tried to rally Friday but ultimately failed to get any traction and traded close to unchanged. I suspect we see a range bound market heading into Wednesday where the USDA report should give markets some direction.
Commitment of traders report showed managed money adding to corn length and decreasing there soybean position. If you were just looking at price action the fact that funds added 18k longs would’ve surprised you but I suspect we’re seeing a good amount of farmer selling as well given the time of year. Funds reduced soybean and soybean oil position 29k contracts each – both still hold a decent long position compared to the past 5 years. Wheat saw a slightly increased long position
Weekend headlines continue with Strait of Hormuz still closed and more of the same narrative in terms of peace/reopening talks. Russia/Ukraine conflict intensified over the weekend with both carrying out strikes Saturday that resulted in casualties.