September 17, 2026
At this hour:
🌽Corn market is up .5-1c,
🌱soybeans are up 5-6c,
🍞wheat is down 3-4c
🛢️crude oil is down 1.60-1.70,
-Fed unanimously hiked interest rates yesterday
-Ethanol production was unchanged for the week
-continued areas are getting heavy rain, delaying harvest
-US diesel prices rise to a new record of $6.40/gallon
🐂🐻 Market will chop around until we get another headline.
Support/Resistance:
December corn – Support on December corn is at $5.31 which is the 20-day moving average. Resistance is at $5.49 3/4 which is the high from September 2nd.
March corn – Support comes in at $5.45 1/4 which is the 20-day moving average. Resistance comes in at $5.64 which is the high from September 2nd.
November soybeans – Support comes in at $12.92 1/4 which is the 20-day moving average. Resistance is at $13.33 1/2 which is the high from September 10th.
March soybeans – Support is at $13.10 1/2 which is the 20-day moving average. Resistance is at $13.54 which is the high from September 10th.
December Kansas City wheat – Support is at $7.82 which is the low from September 14th. Resistance comes in at $8.58 1/4 which is the high from September 2nd.
Where do we go from Here:
The Fed raised interest rates 25bps for the first time since July 2023. The decision was a 12-0 unanimous decision, stating that the decision will support a timelier return to 2% inflation.
Markets continue to be range bound especially corn. We did make a run on making new highs on soybeans yesterday but ultimately closed lower. I suspect unless we break a technical indicator or until we get a market moving headline that we’ll continue to chop around up here. Harvest pressure could start putting some tension on the market but so far any move down to the 20 day in corn has found support which is a good sign. Crude oil is down today and getting close to breaking below $100/barrel.
Interesting fact of the day courtesy of Arlan Suderman: USDA lowered its #corn yield in both its August and September WASDE reports 8 times over the past 30 years. The final corn yield came in higher than the September estimates in 7 of those 8 years. breaking the old adage that small crops get smaller.