August 17, 2026
At this hour:
🌽Corn market is up 1-2c,
🌱soybeans are up 3-4c,
🍞wheat is down 4-5,
🛢️crude oil is up $0.77-$0.78,
💲US Dollar is down 21 points
-Russia/Ukraine conflict remains elevated with more attacks over the weekend.
-Heavy rains swept across much of the central and eastern part of the U.S. causing some damage to the corn and soybean crops.
-The Pro Farmer crop tour kicks off today and will wrap up later this week in Minnesota.
-The weather maps still look to bring good rains across most of the U.S. through the end of August.
-Crop condition scores will be out later today. I look for scores to be steady if not improve by 1% for each corn and soybeans.
-Weekly export inspections will also be out this morning.
🐂🐻 Look for a mixed to higher trade to start this 3rd week of August.
Support/Resistance:
September corn – Support on September corn is at $4.53 which is the 100-day moving average. Resistance is at $4.68 which is the high from July 24th.
December corn – Support comes in at $4.71 1/2 which is the 100-day moving average. Resistance comes in at $4.92 which is the high from July 24th.
September soybeans – Support comes in at $11.64 which is the 100-day moving average. Resistance is at $11.82 1/4 which is the 20-day moving average.
November soybeans – Support is at $11.73 1/2 which is the 100-day moving average. Resistance is at $11.98 1/4 which is the 20-day moving average.
September Kansas City wheat – Support is at $7.19 which is the 10-day moving average. Resistance comes in at $7.77 1/2 which is the high from July 24th.
Where do we go from Here:
Corn prices are a bit higher to start out the week. Big rains swept across much of the corn belt over the weekend providing mixed results. There was a band of heavy 5-9 inches and more across central Iowa and central Illinois. These heavy rains definitely caused some damage and that is yet to be determined. However, there were some very dry areas that caught some rains in which will help their crops, so the results are mixed. Traders are trying to sort out the good with the bad here to start out the week. I look for crop rating to stabilize here this week, and we might even see a slight uptick in ratings. The heavy rains over the weekend won’t show up until next week. The Funds continue to hold a net long position around 200,000 contracts long which heading into harvest, this is a positive feature. I look for December corn futures to trade between $4.70 and $5.00 until we can get more actual yield results out of the fields.
Soybean prices are also a bit higher to start out the week. The weather in August has been pretty good for soybean development and that could end up adding to an already large soybean crop. Yes, there were some heavy rains across the U.S. this weekend that caused some damage, but I feel the areas that really needed the rains and got those rains will offset the damage done by too much rain in a few areas. The demand for U.S. soybeans still remains very strong and we still have China buying U.S. soybeans for new crop. The Funds remain long around 100,000 contracts so they don’t seem to want to exit out of the soy complex quite yet. With November soybeans pushing up to the $12.00 here this morning, this is the top end of the range I feel soybeans will be in until we get the combines rolling. Breaks in the soybean maker will still be well supported but we need to feed the market some fresh bullish news to get us over and to stay over the $12.00 level on November soybeans.
Tensions between Russia and Ukraine remain elevated. More strikes were carried out over the weekend putting into question “when will the Black Sea re-open?” Wheat futures are starting out the week a little lower and that is a function of us getting back close to our previous highs and we are seeing a little selling show up. We continue to talk about the same news so until we get some new, fresh bullish news, I look for September Kansas City wheat to trade between $7.00 and $7.60.
