November 6, 2026
At this hour:
🌽Corn market is up 0-1c,
🌱soybeans are up 1-2c,
🍞wheat is down 6-7c
🛢️crude oil is up $0.31,
-Massive stock market selloff yesterday spilled over into the commodities. Stocks were led lower by tech stocks.
-Weekly corn sales were within trade estimates but not at a level to achieve USDA year end goal.
-Weekly soybean estimates were lower from last week but still good.
-Weather in the western corn belt will start to dry out this weekend. Not much harvest activity with 1-6″ of rain this past week.
-December corn futures continue to hold support at $4.38 1/2 while November soybeans broke support at the 200-day moving average.
Support/Resistance:
December corn – Support on December corn is at $4.25 3/4 which is the contract low. Resistance is at $4.47 which is the 10-day moving average.
March corn – Support comes in at $4.41 which is the contract low. Resistance comes in at $4.61 which is the 10-day moving average.
January soybeans – Support comes in at $11.84 1/4 which is the low from August 11th. Resistance is at $12.21 1/4 which is the 10-day moving average.
March soybeans – Support is at $11.88 3/4 which is the low from August 11th. Resistance is at $12.29 1/2 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 $6.42 which is the 10-day moving average.
Where do we go from Here:
Corn market continues to stabilize and build a base. Weekly export sales were decent but off the mark we need to average each week going forward to achieve the USDA 3.3-billion-bushel estimate. We will need to sell about 52.9 million bushels of corn each week until the end of August 2027 to achieve the 3.3-billion-bushel estimate. USDA will release their November WASDE report out next Tuesday, November 10th at 11:00 am CT. Traders are looking for a slight decrease in the U.S. corn yield while leaving demand alone. The Funds are basically neutral right now in the corn market so that tells me they don’t expect too much of a surprise in the report. As we close out the week, I look for corn futures to continue to stabilize between $4.38 and $4.45.
January soybean futures did not hold the 200-day support. Weekly export sales were lower than last week but still at a solid pace. The bigger story was the massive selloff in the stock market. As the stock market gave up all their gains from Wednesday and more, that selling spilled over into the commodities. The Funds continue to be sellers of soybeans, reducing the net long positions again this week. Weather in South America continues to look good. Planting progress has been very good and under pretty good conditions. Now, there still is a lot of growing season left, but unless we get a weather story out of South America soon, the Funds could work themselves down to a neutral position. Look for January soybeans to test the next area of support at $11.80 3/4.
Weekly wheat export sales were within trade estimates but continue to underperform. December Kansas City wheat is down testing support at $6.26 as the U.S. just cannot get competitive on the World wheat market. There is still no clear word on a peace deal between Russia and Ukraine, so wheat continues to struggle. Look for December Kansas City wheat to hold support at $6.26 but the upside looks limited today.
