October 23, 2026
At this hour:
🌽Corn market is down 1-2c,
🌱soybeans are up 0-1c,
🍞wheat is down 1-2c
🛢️crude oil is up $1.57,
-November options expire here today. November soybeans are trading around the $12.50 strike level.
-Weekly export sales were huge for soybeans this week led by China buying. Also, corn export sales had another strong week.
-Crude oil up another 1.5% as WTI crude is back trading over $101 per barrel.
-Wheat futures continue to find selling as progress is being made on a peace deal between Russia and Ukraine.
-USDA announced a 202,000 mt flash sale of soybeans 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 $4.71 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 $4.84 1/2 which is the 10-day moving average.
November soybeans – Support comes in at $12.28 1/2 which is the 100-day moving average. Resistance is at $12.62 1/2 which is the 10-day moving average.
March soybeans – Support is at $12.49 1/2 which is the 100-day moving average. Resistance is at $12.85 1/4 which is the 10-day moving average.
December Kansas City wheat – Support is at $6.26 which is the low from June 30th. Resistance comes in at $6.95 1/4 which is the 10-day moving average.
Where do we go from Here:
December corn futures are showing some signs of potentially putting in a near term low here. December corn started out the day a little higher, but we did see some harvest pressure push December corn lower into the close. Corn export sales saw a second consecutive week of strong exports, suggesting we might start to see more sales coming in the near future. With current December futures trading about 90c off their high in August, that should stir up some demand via exports. We need to watch the low of $4.53 1/4 as a key level moving forward. If we take that level out, then we could see December corn trade down to $4.30 or maybe a little lower. I look for December corn to consolidate here between $4.55 and $4.70.
November options expire here today, and it looks like the $12.50 strike level will be the focus area. Weekly export sales on soybeans were huge this week, exceeding 2.8 million metric ton, most of which was sold to China. November soybeans closed higher yesterday for the first time in 8 trading sessions. There are a few weather models looking to bring some heat and dry conditions to parts of Brazil which is also adding a little support to the market. Today, I feel the focus will be on November options expiring and I look for November soybeans to trade around the $12.50 level most of the day.
Not much new for the wheat complex. Progress is being made for a peace deal between Russia and Ukraine, and the Funds feel like they want to build a net short position. Weekly export sales on wheat were also at the low end of trade estimates for the week. With the U.S. Dollar still trading above 101, it is hard for the U.S. to be competitive on the World market.
