October 5, 2026
At this hour:
🌽Corn market is up 3-4c,
🌱soybeans are up 10-11c,
🍞wheat is up 10-11c
🛢️crude oil is down $0.42,
-G7 countries agree to release 100 million barrels of diesel and crude oil from its reserves to help lower energy prices.
-Tensions between the U.S. and Iran remain elevated.
-A drier forecast for much of the U.S. is upon us. Harvest should kick into full gear this week.
-Last Friday, the COT reported the funds are net long about 377,850 contracts of corn and net long 241,164 contracts of soybeans.
🐂🐻 Look for a higher trade to start out the first full week in October.
Support/Resistance:
December corn – Support on December corn is at $4.95 which is a triple bottom. Resistance is at $5.16 3/4 which is the 10-day moving average.
March corn – Support comes in at $5.09 1/4 which is a triple bottom. Resistance comes in at $5.31 which is the 10-day moving average.
November soybeans – Support comes in at $12.58 3/4 which is the 50-day moving average. Resistance is at $13.01 which is the 10-day moving average.
March soybeans – Support is at $12.80 1/2 which is the low from September 14th. Resistance is at $13.25 1/4 which is the 10-day moving average.
December Kansas City wheat – Support is at $7.28 1/2 which is the 100-day moving average. Resistance comes in at $7.52 1/4 which is the 10-day moving average.
Where do we go from Here:
The funds were net sellers of corn last week to the tune of about 36,587 contracts. Harvest continued to push forward in the east while the USDA gave us a negative Grain Stocks report. As corn futures push a little higher to start out this week, I think the bulls have to feel good after getting through last week without any more damage. December corn continues to hover around the $5.00 area, and we have a triple bottom in place at $4.95. We should see a good week of harvest as the western corn belt dries out to allow the combines get rolling. We continue to hear about more and more quality issues across Iowa and eastern Nebraska. Rallies will probably be limited this week as harvest picks up steam.
Soybeans are starting out the week a bit higher. Soybean oil is up about $1.20 here this morning to help support the soybean futures. Processors across the U.S. continue to bid up to get soybeans but this week looks to be dry for most of the U.S., and I would expect to see most processor bids back off. November soybeans seem to be finding good support around $12.73 area. We continue to hear of quality issues on soybeans across Iowa. The wet conditions are causing discolored soybeans and some sprouting to take place. Harvest should be wide open this week and the extended forecasts for the rest of October do look to be a bit drier than normal. With harvest in full gear this week, look for rallies to be limited.
Russia and Ukraine continue to attack each other, and their focus is attacking each other refineries. There is no end in sight with the fighting between the 2 countries. This will keep grain offline out of the Black Sea region. December Kansas City wheat held support at the 100-day moving average. A bounce back higher could see December Kansas City wheat test the $7.70-$7.75 area again.
