September 18, 2026
At this hour:
🌽Corn market is down .5-1c,
🌱soybeans are down 12-13c,
🍞wheat is down .6-1c
🛢️crude oil is down 1.20-1.40,
-Cattle on Feed report out today
-Corn/soybean exports were down week on week but within analyst expectations
-continued areas are getting heavy rain, delaying harvest
🐂🐻 Look for a lower trade going into the weekend
Support/Resistance:
December corn – Support on December corn is at $5.23 which is the low we saw last Friday. Resistance is at $5.49 3/4 which is the high from September 2nd.
March corn – Support comes in at $5.38 which is the low we saw last Friday. Resistance comes in at $5.64 which is the high from September 2nd.
November soybeans – Support comes in at $12.93 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 $13.16 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:
Corn exports came in a little over 1 mmt where the trade range was 750k – 2 MMT which is within expectations but a little on the lighter side. Soybean exports came in at 1.7 MMT vs 800-2.5MMT expected with China being the largest buyer. Wheat came in at 325.9 MMT vs 200-500k expected.
Lower trade this morning with beans leading the way down. Corn has been holding the 20 day for the majority of the week but if we see a technical breakdown we could see a lower market going into the weekend. remember that bulls need fed every day. Chartwise I do want to remind everyone that there is a gap in the charts at $5.09 Dec corn. Not predicting price action but if you’re looking for a reownership target that’s one worth paying attention to.
US drought monitor shows 24% of corn and 27% of beans are in drought like conditions which is pretty close to 5 year average. Iowa/Northern Illinois are more concerned with excess moisture/flooding based on what i’ve seen. My area (central IL) is supposed to finally get cooler temperatures next week. If weather cooperates I believe we’ll see alot of bean cutting happening. Spring/Winter wheat acres are 56-57% in drought like conditions which is significantly above the 5 year average – no surprise there.
Alot of talk about utilizing Margin Coverage Option (MCO) for crop insurance protection next year. It’s a relatively new product but also when we have a huge rally during its pricing period its going to warrant some attention. The fall average came in at $5.25 and $12.33 respectively. It also has an input calc that factors in as well. The band is tight – coverage is from 95% down to 90% of revenue but worth having the discussion with your crop insurance agent to learn more about the product.
Have a great weekend!