October 7, 2026
At this hour:
🌽Corn market is down 2-3c,
🌱soybeans are up 3-4c,
🍞wheat is down 3-5c
🛢️crude oil is up $0.41,
-President Trump is looking to temporarily suspend the federal gasoline tax.
-Brazilian Real continues to rally on a potential change of administration in their election.
-November soybeans are back trading above $13.00 and trading above the 10-day moving average.
-December corn futures broke out to the upside but are running into resistance at the 50-day moving average.
-Tensions remain elevated in Black Sea. Ukraine hit an oil vessel just outside a port city in Russia, causing it to burst into flames.
-Harvest progress continues to ramp up across the entire U.S.
🐂🐻 Look for a mixed/choppy trade today for Wednesday.
Support/Resistance:
December corn – Support on December corn is at $4.95 which is a triple bottom. Resistance is at $5.08 1/2 which is the 50-day moving average.
March corn – Support comes in at $5.09 1/4 which is a triple bottom. Resistance comes in at $5.23 1/2 which is the 50-day moving average.
November soybeans – Support comes in at $12.60 which is the 50-day moving average. Resistance is at $13.06 3/4 which is the 20-day moving average.
March soybeans – Support is at $12.82 which is the low from September 14th. Resistance is at $13.31 which is the 20-day moving average.
December Kansas City wheat – Support is at $7.28 3/4 which is the 100-day moving average. Resistance comes in at $7.71 1/2 which is the 50-day moving average.
Where do we go from Here:
Corn prices had a nice pop yesterday. After a quiet start to the day, corn market caught a bid when Ukraine hit an oil vessel just outside a port city in Russia causing it to burst into flames. The odds of a peace deal between Russia and Ukraine are getting further and further away. Corn harvest continues to ramp up as spreads are staying pretty flat. Traders are starting to position themselves for the WASDE report out this Friday, October 9th. Trade estimates are looking for a slight decline in national corn yield. Typically, the October WASDE report is pretty quiet and not many surprises. December corn futures are running into a little resistance at the 50-day moving average and it will likely take a drop in National corn yield on Friday to breakout above that resistance in order to re-test the old highs. Until we get the WASE report on Friday, I still look for rallies to be limited.
Soybean market had another strong close yesterday. Fueled by a strong Brazilian Real, U.S. soybeans closed 20+ cents higher yesterday. November soybeans are back trading above $13.00. Soybeans remain resilient. Earlier this week I felt beans could be in trouble with an open week of harvest across the U.S. and yields continuing to come in better than expected. President Trump at a rally in Nebraska this week mentioned China will double their ag purchases from the U.S. Now, there is some question into the specifics in that comment and traders are wondering if he was talking about the additional $17 billion in ag products other than soybeans or if this is all new additional purchases? The Funds were back adding to their long position regardless. Spreads in the soybeans continue to strengthen and that typically is a friendly sign to the markets.
Wheat prices are taking a step back here today after being up over 10 cents yesterday. Tensions remain elevated in the Black Sea but the U.S. dollar trading well above 102 has the U.S. uncompetitive. We are seeing the rest of the World buy wheat from other countries in light of the Black Sea being shut down so once those supplies get depleted, they should turn their focus to U.S. wheat.
