October 28, 2026
At this hour:
🌽Corn market is up 1-2c,
🌱soybeans are up 5-6c,
🍞wheat is up 1-2c
🛢️crude oil is up $1.57,
-Corn and soybean futures higher after closing right at support yesterday.
-The Federal Reserve wrap up their meeting today and give their announcement on interest rates at 1:00 pm central.
-El Nino is picking up steam causing some issues down in Brazil.
-Crude oil up 1.5% trading back over $101 per barrel.
Support/Resistance:
December corn – Support on December corn is at $4.50 1/4 which is the low from October 26th. Resistance is at $4.6 which is the 10-day moving average. 1/2
March corn – Support comes in at $4.58 3/4 which is the low from July 6th. Resistance comes in at $4.7 which is the 10-day moving average.
November soybeans – Support comes in at $12.31 1/2 which is the 100-day moving average. Resistance is at $12.48 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 $12.70 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 $6.77 1/4 which is the 10-day moving average.
Where do we go from Here:
Corn futures spent most of the day yesterday looking like they could close 1-2c higher, but some selling showed up late in the day and they closed down 5-6 cents. December futures are testing support at the $4.49-$4.50 level and that seems to be holding. If we cannot hold support there, we could slip down to contract low in the $4.25-$4.26 area. Corn harvest is on the downhill slide, so we are getting a little more hedge pressure. Weekly export sales on corn continue to run below last year’s pace by about 30% and we will need to see them pick up here soon as we are already 8 weeks into this marketing year. I look for December corn futures to grind in the $4.45-$4.60 trading range here in the near term.
First notice day for November soybeans is this Friday. Traders need to be out of their long November contracts by end of day Thursday to avoid potential deliveries. Soybeans were poised to close higher yesterday but late in the day; November soybeans saw bunch of selling show up and pushed that contract down 12c and weakened the spread into the close. China still has 30-35% of their 25 MMT commitment of new crop soybeans to purchase so with the lower board, I would look for China to step in and start buying again. There are a few issues showing up for Brazil that could impact their crop production this year, but it is still early. Wet conditions in southeast Brazil are causing a few minor planting delays while northern Brazil is starting to warm up and dry out. Soybean harvest is all but wrapped up so hedge pressure should be minimal going forward. I look for November soybean to continue to hold support at $12.30.
December Kansas City wheat has been down 9 trading days in a row. Peace talks between Russia and Ukraine continue to make progress, but they are still hitting each other with drone strikes. Export activity has been pretty quiet lately out of the U.S. but there are a few countries tendering for some wheat that the U.S. might be in the market to get the business. Wheat will continue to follow corn and soybeans.
