October 21, 2026
At this hour:
🌽Corn market is down 2-3c,
🌱soybeans are down 3-4c,
🍞wheat is down 2-4c
🛢️crude oil is up $2.10,
-The Trump Administration is stepping up efforts to end the Russia/Ukrainian war.
-All 3 grains continue to trend lower.
-Many traders are still questioning the USDA’s national corn yield.
-December corn futures are still holding support at the $4.57 1/4 August 6th low.
-November soybeans closed below the $12.50 level yesterday.
-Flash sale of 612,000 mt of soybeans announced to China yesterday.
Support/Resistance:
December corn – Support on December corn is at $4.57 1/4 which is the low from August 6th. Resistance is at $4.76 3/4 which is the 10-day moving average.
March corn – Support comes in at $4.73 which is the low from August 6th. Resistance comes in at $4.90 1/2 which is the 10-day moving average.
November soybeans – Support comes in at $12.27 1/4 which is the 100-day moving average. Resistance is at $12.70 which is the 10-day moving average.
March soybeans – Support is at $12.48 1/4 which is the 100-day moving average. Resistance is at $12.94 1/2 which is the 10-day moving average.
December Kansas City wheat – Support is at $6.90 which is the 200-day moving average. Resistance comes in at $7.09 which is the 10-day moving average.
Where do we go from Here:
Corn harvest continues to make steady progress and the hedging pressure continues. The Funds continue to be steady sellers of corn and soybeans too for the past few weeks. December corn futures are down testing some key support from our August 6th low. This was the low right ahead of the August WASDE report in which the USDA lowered the corn yield and the rally to the contract high began. This also puts December corn futures back in the $4.50-$4.70 trading range they have spent a lot of time trading between. If December corn cannot hold support at $4.57 1/4 this week, then it looks like December corn could slip down into the $4.30 level or maybe lower. Initially I feel we will find support at the $4.57 1/4 level but if we don’t see corn export activity pick up pretty soon, the odds of it holding will decrease significantly.
China continues to buy U.S. soybeans, announcing a 612,000 mt sale yesterday. However, these Chinese purchases just cannot support the market like they used to. Combination of some harvest hedge pressure and Fund liquidation has the market trending lower. News out of South America has been pretty quiet. Brazil is off to a very fast soybean pace in pretty good conditions. The early planting of the full season soybean crop does suggest the second corn crop, the safrinha crop, should get planted on time. Super El Nino is picking up steam, but as of now, there has been very little disruption to the South American crop. November soybeans traded and closed below the $12.50 market yesterday and are stuck in a downward trading channel. Next area of support is the 100-day moving average which comes in at $12.27 1/4.
The trend lower in wheat continues. December Kansas City wheat is testing support at the 200-day moving average here today. The Trump administration is stepping up to help end the war between Russia and Ukraine. Talks between the U.S. and Ukraine are going well but they are still a way off of a peace agreement. Wheat continues to follow corn and soybeans and as them trend lower, so does the wheat market.
