September 9, 2026
At this hour:
🌽Corn market is up 0-1c,
🌱soybeans are up 2-3c,
🍞wheat is up 6-7,
🛢️crude oil is up $2.43-$2.44,
💲US Dollar is up 7 points
-Weekly crop conditions saw corn conditions decline 1% while soybean ratings remained unchanged.
-The U.S. carried out attacks on Kharg Island overnight in retaliation against Iran.
-Crude oil prices are back above $95 per barrel.
-Canada retaliated against the U.S. by adding tariffs of 25-50% on imported goods from the U.S.
-StoneX released their yield estimates for the Friday report. Corn is estimated at 182.9 bushels per acre, and soybean yield is estimated at 53.0 bushels per acre.
🐂🐻 Look for a choppy/mixed trade for Wednesday.
Support/Resistance:
December corn – Support on December corn is at $5.26 1/2 which is the low from September 3rd. Resistance is at $5.49 3/4 which is the high from September 2nd.
March corn – Support comes in at $5.41 3/4 which is the low from September 3rd. Resistance comes in at $5.64 which is the high from September 2nd.
November soybeans – Support comes in at $13.00 which is the 10-day moving average. Resistance is at $13.24 which is the high from September 2nd.
March soybeans – Support is at $13.15 which is the 10-day moving average. Resistance is at $13.43 3/4 which is the high from September 2nd.
December Kansas City wheat – Support is at $7.94 1/4 which is the 20-day moving average. Resistance comes in at $8.58 1/4 which is the high from September 2nd.
Where do we go from Here:
Corn prices are quiet here this morning. Canada retaliated against the U.S. imposing 25-50% tariffs on imported good from the U.S. and I felt this news weighed on the corn market yesterday. Weekly crop conditions saw corn ratings drop another 1% out of the “good/excellent” category this week. Harvest is ramping up as we are starting to see some hedge pressure show up. With the USDA Crop Production report out this Friday at 11:00 am CT, I look for traders to spend the week position themselves ahead of this report. Look for December corn to consolidate between $5.26 and $5.49 until we see the report numbers.
Soybean prices are getting a little boost with soybean oil higher on the heels of crude oil being up $2+ here this morning. China was back in buying more U.S. soybeans yesterday and there are some rumors that China has purchased over 50% of the 25 MMT they agreed to purchase. When looking at the November soybean chart, we have a lot of resistance at $13.24 as we have tested it almost daily for the past 6 trading days. Traders will use this week to position themselves ahead of the USDA report, so I look for November soybeans to consolidate between $13.00 and $13.24.
Wheat prices are back higher here this morning. A peace deal between Russia and Ukraine is unlikely anytime soon. Turkey will remain committed to try and get a peace done between the 2 countries as they get a lot of wheat from Russia. If we see any progress on a peace deal between Russia and Ukraine, wheat prices could see a significant pullback.
