August 28, 2026
At this hour:
🌽Corn market is up 3-4c,
🌱soybeans are up 4-5c,
🍞wheat is up 2-3,
🛢️crude oil is down $0.48-$0.49,
💲US Dollar is up 5 points
-The Trump administration is weighing a plan to add 500 million gallons to the 2027 biofuels quotas to offset the higher SRE’s.
-Weekly export sales out yesterday were within trade estimates and continue to run strong.
-December corn and November soybeans are making new contract highs here this morning.
-News was quiet overnight between Russia and Ukraine. The Black Sea region continues to remain offline.
🐂🐻 Look for a higher trade to close out the week of trading.
Support/Resistance:
September corn – Support on September corn is at $4.89 1/2 which is the 10-day moving average. Resistance is at $5.17 which is the high from August 26th.
December corn – Support comes in at $5.13 1/2 which is the 10-day moving average. Resistance comes in at $5.38 3/4 which is the high from August 26th.
September soybeans – Support comes in at $12.28 3/4 which is the 10-day moving average. Resistance is at $12.59 1/4 which is the high from August 26th.
November soybeans – Support is at $12.41 3/4 which is the 10-day moving average. Resistance is at $12.70 which is the high from August 26th.
September Kansas City wheat – Support is at $7.69 which is the 10-day moving average. Resistance comes in at $8.09 3/4 which is the high from August 27th.
Where do we go from Here:
Corn prices are back trading higher after a slight break yesterday. The potential new biofuel quota increase is helping support corn and soybean prices here today. Yesterday, the corn market felt really heavy and looked like it was going to see a bigger break, but once wheat found support and pushed up double digits, the corn market bounced back and closed down just 3 cents. This is day 3 now of December corn trading into the $5.40 area but is having a little trouble pushing through. The fundamentals are still supportive to prices, so I feel we are seeing a little hedge pressure as corn harvest is pushing its way north and some places are paying a big premium to get corn delivered to them early. If corn prices see a pullback, that will be supported and it still does feel like we are high enough yet to curb any demand.
Soybeans saw another impressive week of weekly export sales yesterday with the bulk of the soybeans heading to China. The Trump Administration is weighing out a plan to increase the 2027 biofuel quotas by 500 million gallons to help offset the SRE’s. In an environment with higher prices, it looks as we are increasing more demand. Soybean harvest is getting going slowly down in the Delta with good reports so far on yields. The bulk of the U.S. soybean harvest is still a couple weeks away, but most are optimistic on their soybean crop. The trend on soybeans is still up, and the Funds continue to add to their net long position so breaks will be shallow.
Tensions between Russia and Ukraine remain elevated. Not much fresh news out of the Black Sea region overnight. Any peace talks between Russia and Ukraine are off the table for now and the issue is, no one knows if this will last a few weeks, a few months or longer. What we do know is Russia and Ukraine are sitting on a bunch of wheat stocks and harvest for corn in Ukraine is just around the corner. Those bushels look to remain off the global market, and this is all helping support U.S. prices.
