October 27, 2026
At this hour:
🌽Corn market is down 0-1c,
🌱soybeans are up 5-6c,
🍞wheat is down 1-2c
🛢️crude oil is up $0.27,
-Corn harvest is at 60% complete vs 66% complete on the 5-year average. Soybean harvest is 79% complete vs 5-year average at 77%.
-Weekly export inspections were huge again for soybeans with most going to China, but corn export inspections were disappointing.
-The U.S. Dollar is back trading above 102 here this morning.
-November soybeans still have a gap in place between $12.50 and $12.51 3/4.
-The CFTC will begin reporting the Commitment of Traders report twice a week starting in December.
Support/Resistance:
December corn – Support on December corn is at $4.50 1/4 which is the low from October 26th. Resistance is at $4.65 which is the 10-day moving average.
March corn – Support comes in at $4.58 3/4 which is the low from July 6th. Resistance comes in at $4.78 3/4 which is the 10-day moving average.
November soybeans – Support comes in at $12.30 1/2 which is the 100-day moving average. Resistance is at $12.54 1/2 which is the 10-day moving average.
March soybeans – Support is at $12.51 1/4 which is the 100-day moving average. Resistance is at $12.76 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 $6.84 1/4 which is the 10-day moving average.
Where do we go from Here:
December corn seems to be finding some support in the $4.50 area. Yesterday’s outside day higher trade has traders wondering if the $4.50 1/4 low will hold and be our short-term low for now. Weekly export inspections were disappointing this week and not a trend we need to keep seeing. The concern with the corn market right now is that if the exports don’t start to pick up pretty soon, any drop in corn yield could get reduced by lower export demand numbers. The higher U.S. Dollar and lower Brazilian Real just makes Brazil a lot more competitive at a time when the U.S. should be the most competitive in the World. The $4.50 level on December corn to continues to find support but there just is not much to rally corn right now so rallies will continue to be limited.
Soybeans had a huge week of export inspections lead mostly by China. China has around 60-70% of their 25 MMT already on the book so the question remains is who will buy U.S. soybeans once China fulfills their agreement? Harvest is all but wrapped up so we are starting to see the soybean spreads firm up a bit. That is a trend we could continue to see unless the processor is able to continue to buy soybeans. Most feel that once harvest wraps up, we won’t see much selling until after January 1st. The Funds were massive sellers yesterday and are still holding a sizeable net long position, so we need to watch support at the 100-day moving average. If we close below $12.30, we could see the November soybeans head down to the 200-day moving average which comes in at $11.85 area.
Wheat prices simply cannot find any support here lately. December Kansas City wheat has closed lower the past 8 days and that is the longest streak we have seen without 1 higher close. Tensions between Russia and Ukraine remain elevated but there is some talk of peace talks taking place in November. The Funds must feel confident that they are close to a peace deal as they continue to sell off their long positions and are net short in Chicago wheat. The trend in wheat is lower so until we quit going down, trade accordingly.
