October 29, 2026
At this hour:
🌽Corn market is down 0-1c,
🌱soybeans are down 7-8c,
🍞wheat is down 1-2c
🛢️crude oil is down $1.38,
-Potential resumption of Black Sea trade has grain prices under a little pressure.
-Funds continue to be active sellers in the soy complex.
-The Federal Reserve left interest rates unchanged yesterday.
-USDA did report a flash sale of 120,000 mt of soybeans to unknown destinations yesterday.
-U.S. weather continues to look wet for the Midwest and upper plains slowing up harvest.
-Weekly export sales will be out at 7:30 am. Here are the estimates courtesy of Reuters: corn 800,000-1,600,000 mt, soybeans 1,800,000-3,000,000 mt, wheat 200,000-500,000 mt, and soybean meal 200,000-450,000 mt.
Support/Resistance:
December corn – Support on December corn is at $4.48 1/2 which is the low from October 27th. Resistance is at $4.59 which is the 10-day moving average.
March corn – Support comes in at $4.62 1/2 which is the low from October 27th. Resistance comes in at $4.72 1/2 which is the 10-day moving average.
November soybeans – Support comes in at $11.87 which is the 200-day moving average. Resistance is at $12.43 which is the 10-day moving average.
March soybeans – Support is at $12.02 1/2 which is the 200-day moving average. Resistance is at $12.65 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 $6.69 1/4 which is the 10-day moving average.
Where do we go from Here:
Corn prices are doing their best to hold support in the $4.48-$4.50 area. The Funds have liquidated quite a few of their net long positions. Harvest is pushing along in the eastern part of the U.S., but the western corn belt and the upper plains have slowed up this week due to rain. The extended maps look to clear out heading into next week and then we should have a good 7–10-day window to get harvest wrapped up. Harvest progress is about 65-70% complete so we will still have some hedge pressure for another 1-2 weeks. I look for December corn to continue to hold support at the $4.50 area, but rallies will be limited until we get harvest wrapped up. Keep a close eye on weekly export sales to see if we can continue to see an uptick in weekly corn sales.
For the past few days of trading, November soybeans bounce higher on the overnight trade, trade higher most of the day and then we see a bunch of selling heading into the close to push November soybeans lower on the day. First notice day for November contracts is tomorrow so traders will be busy rolling their November positions or getting out of them here today. We did have a flash sale of 120,000 mt of soybeans announced yesterday, the first of this week but the weekly export sales estimates are still pretty strong. I think once we get rolled to the January contract, I would look for the soybean spreads start to firm up a bit. The Funds are still carrying a large net long position, but they have been pretty active selling this week. November soybeans are trading under the 100-day moving average so it looks like the next area of major support would be the 200-day moving average which comes in at $11.87.
Talks of trade flow through the Black Sea region has wheat markets under even more pressure. Russia issued permits for grain vessels to leave the Sea of Azov, signaling we might be getting closer to a peace deal between Russia and Ukraine. Wheat futures have been hit hard since August 31 so one would think we have already priced in the Black Sea re-opening. December Kansas City wheat is approaching key support at $6.26 so look for that level to hold.
