October 6, 2026
At this hour:
🌽Corn market is up 3-4c,
🌱soybeans are up 5-6c,
🍞wheat is up 4-6c
🛢️crude oil is down $1.63,
-President Trump signed an executive order to temporarily expand access to dyed diesel.
-Brazil is headed to a runoff in their election. Potential change in administration had the Brazilian Real up over 5% yesterday.
-Weekly crop progress saw corn at 23% harvested vs 27% average and soybeans are 25% harvested vs 33% average. We should close that gap after this week.
-Weekly export inspections on corn and soybeans are running a bit stronger that our pace 1 year ago.
-Oil exports out of the Strait of Hormuz have rebounded to pre-war levels, exporting over 18 million barrels a day at the end of September.
🐂🐻 Look for a higher trade today for Tuesday.
Support/Resistance:
December corn – Support on December corn is at $4.95 which is a triple bottom. Resistance is at $5.13 which is the 10-day moving average.
March corn – Support comes in at $5.09 1/4 which is a triple bottom. Resistance comes in at $5.27 which is the 10-day moving average.
November soybeans – Support comes in at $12.60 which is the 50-day moving average. Resistance is at $12.96 1/4 which is the 10-day moving average.
March soybeans – Support is at $12.82 which is the low from September 14th. Resistance is at $13.21 which is the 10-day moving average.
December Kansas City wheat – Support is at $7.28 1/2 which is the 100-day moving average. Resistance comes in at $7.48 3/4 which is the 10-day moving average.
Where do we go from Here:
Corn market was quiet yesterday. After starting out a bit higher on the coattails of the soybeans being 15-18c higher, corn settled in and traded most of the day near unchanged. Weekly export inspections were down from last week, but they are still running ahead of last year’s pace. Weekly crop progress saw corn coming in at just 23% harvested compared to 27% on the 5-year average. This should be a good week of corn harvest as farmers in the eastern corn belt look to wrap things up and the western corn belt just get rolling. December corn continues to trade around $5.00, consolidating and looking for some direction. As harvest pushes on, I look for rallies to be limited in the corn market.
Soybean futures tried to rally yesterday but saw some hedge pressure come in at the close of the day to take away most of the gains. The boost in soybean prices was mainly led by the Brazilian Real being up over 5% as they are in the middle of an election and will now have a runoff at the end of the month. With the potential change in administration, that boosted the Brazilian Real and allowed U.S. soybeans to push 18-19 cents higher yesterday morning. The U.S. Dollar is trading back over 102, keeping the U.S. a bit uncompetitive in the World market. The big question still remains is if China will buy more soybeans from the U.S. once they fulfill their 25 MMT they agreed to purchase? Harvest pace is well below the 5-year average, but we should close that gap this week. I would think we could be close to 40-45% harvested by the end of the week. I continue to hear really good soybean yields across the U.S. so I think that will keep a lid on soybean prices in the near term.
The Black Sea region still remains offline with no end in sight. Wheat futures have seen a significant selloff, but December Kansas City wheat found support at the 100-day moving average. Kansas City wheat futures are now testing resistance at the 10-day moving average but if they can get a close above $7.49, it looks like they could head up and test resistance up around $7.75-$7.80.
