August 14, 2026
At this hour:
🌽Corn market is up 4-5c,
🌱soybeans are up 4-5c,
🍞wheat is up 12-14,
🛢️crude oil is up $0.57-$0.58,
💲US Dollar is down 23 points
-Tyson Foods looks to close down their Joslin, IL beef plant.
-Tensions between Russia and Ukraine remain escalated. Ukraine Ag Minister warns that up to 30 MMT of grain could fail to hit global markets.
-Weekly exports sales yesterday was solid for all 3 grains.
-Heavy rains pushed across the eastern corn belt the past 48 hours causing some crop damage.
-Good rains across most of the U.S. should help add a few bushels to the soybean crop and stabilize the corn crop.
🐂🐻 Look for a steady to higher trade to close out the week.
Support/Resistance:
September corn – Support on September corn is at $4.36 1/2 which is the 50-day moving average. Resistance is at $4.68 which is the high from July 24th.
December corn – Support comes in at $4.58 which is the 50-day moving average. Resistance comes in at $4.92 which is the high from July 24th.
September soybeans – Support comes in at $11.61 1/4 which is the 50-day moving average. Resistance is at $11.83 1/2 which is the 20-day moving average.
November soybeans – Support is at $11.73 which is the 100-day moving average. Resistance is at $11.99 1/4 which is the 20-day moving average.
September Kansas City wheat – Support is at $7.14 which is the 10-day moving average. Resistance comes in at $7.35 which is the high from August 10th.
Where do we go from Here:
Corn market is getting back about half of what it lost yesterday. Yesterday Ukraine sent an offer to Russia that both sides halt civilian attacks and that pushed wheat market lower and pulled corn down 8-9c on the day. Tensions remain high in the Black Sea region with the Ukraine Ag Minister saying that up to 30 MMT of grain out of Ukraine to fail to hit the global market. Ukraine is a big exporter of corn, wheat and sunflower oil. Now, the U.S. has an opportunity to gain some of that business which just keeps the demand out of the U.S. very strong. The weather in the U.S. looks really good and is stabilizing the crop. There are still questions out there on the overall crop size, but it feels like the U.S. corn crop is stabilizing and that should have corn futures consolidating.
The soybean market is more of a follower here right now. I feel soybeans on their own would see a slight pullback as there has been good rains sweep across the U.S. to help add a few more bushels to the soybean crop. Add on top of this a favorable 2-week weather forecast and we could see the USDA increase their soybean yield in the September crop report. China has been active buying more new crop soybeans out of the U.S. this week and we feel they have purchased around 25% of the 25 MMT they have agreed to purchase. I look for November soybeans to continue to trade between $11.70 and $12.00.
Ukraine sent an offer to Russia yesterday asking for the 2 countries to stop attacks on civilian targets. That sent the wheat market lower and pushed corn down more. So far, we have not seen any word back from Russia on the offer. The Black Sea regions remain very tense, and I doubt issues will be resolved quickly. Ukraine’s Ag Minister is warning that up to 30 MMT of grain out of Ukraine might fail to hit the Global markets, so we have wheat futures adding some risk premium back into the marketplace. The Funds continue to add to their net long position in what feels like an inflation trade. Wheat will remain supported but if Russia were to accept Ukraine’s off to halt attacks, we could see a correction.
