October 8, 2026
At this hour:
🌽Corn market is up 0-1c,
🌱soybeans are down 2-3c,
🍞wheat is up 0-1c
🛢️crude oil is up $3.67,
-Tensions in the Middle East remain elevated. Crude oil back up 3-4%.
-U.S. ethanol production climbed last week, up 4.6% from last week.
-Tropical Storm Isaias looks to make landfall between Florida panhandle and Louisiana. Harvest delays are expected.
-USDA will release their Crop Production and WASDE Friday morning at 11am CST.
🐂🐻 Look for a mixed/choppy trade today for Thursday.
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 $5.22 1/2 which is the 50-day moving average.
November soybeans – Support comes in at $12.64 which is the 50-day moving average. Resistance is at $13.04 1/4 which is the 20-day moving average.
March soybeans – Support is at $12.86 1/4 which is the 50-day moving average. Resistance is at $13.29 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 which is the 50-day moving average.
Where do we go from Here:
December corn futures took back most of their gains from Tuesday. December is still trading above $5.00 and finding good support. U.S. ethanol production rebounded from last week to help provide support and crush margins remain good. Fresh news in the corn market has been a bit light. Traders are positioning themselves ahead of the USDA Crop Production report and WASDE due out Friday at 11am CST. Typically, in the October report, the USDA will make minor changes, and trade estimates are looking for a slight yield reduction. The 10-day and the 50-day moving averages are converging, providing resistance overhead. I look for corn to continue to consolidate until we see the numbers from the USDA on Friday morning.
The soybeans seem to be finding some hedge pressure. Soybean harvest is moving along quickly. Harvest yields continue to come in better than expected and the general feel is more soybeans are getting sold off the combine than normal. There is a little support in the soybean market coming from some weather models looking to turn warm and dry for parts of Brazil in the extended maps, but it is still early. Typically, El Nino years are warm and dry for portions of Brazil so this will be closely monitored. If we have any hiccup in production in Brazil, that should add some premium into the soybean market. Rallies should be limited in the soybean market due to hedge pressure and then we will see what the USDA says on Friday. Trade estimates are only looking for a very small yield adjustment in the October Crop Production report.
December Kansas City wheat continues to consolidate between $7.29 and $7.60. Tensions between Russia and Ukraine remain high. Wheat exports out of the U.S. have been slower than expected but many feel the long the conflict between Russia and Ukraine lasts, the U.S. will eventually see an uptick in wheat exports. The U.S. Dollar trading up over 102 is not helping our wheat prices on the World market.
