October 13, 2026
At this hour:
🌽Corn market is down 1-2c,
🌱soybeans are down 5-6c,
🍞wheat is down 1-3c
🛢️crude oil is down $1.93,
-Crude oil starting out down 2% for the day.
-Weekly crop progress report will be out today along with weekly export inspections due to the Monday holiday.
-Corn saw some technical buying yesterday, supported by the 200-day moving average.
-Russian consulting group IKAR lowered their total Russian grain production by 1 MMT in their lates update.
-Weather in South America remains a non-event. The extended weather models are trying to bring some dryness to northern Brazil.
Support/Resistance:
December corn – Support on December corn is at $4.79 1/2 which is the 200-day moving average. Resistance is at $4.95 1/4 which is the 10-day moving average.
March corn – Support comes in at $4.93 which the 200-day moving average. Resistance comes in at $5.09 1/2 which is the 10-day moving average.
November soybeans – Support comes in at $12.69 3/4 which is the 50-day moving average. Resistance is at $13.01 1/4 which is the 20-day moving average.
March soybeans – Support is at $12.92 1/2 which is the 50-day moving average. Resistance is at $13.26 1/4 which is the 20-day moving average.
December Kansas City wheat – Support is at $6.86 1/2 which is the 200-day moving average. Resistance comes in at $7.32 1/2 which is the 10-day moving average.
Where do we go from Here:
Corn futures saw a little buying yesterday. It was more technical buying December corn off the 200-day moving average. The overall size of this year’s corn crop will remain in question but one thing we need to keep a close eye on is can we get the export sales on corn going? USDA is projecting 3.3 billion bushels of corn exports, and we are seeing drought conditions in Europe cut their corn crop size, but yet, our corn exports for the marketing year are off about 30% from a year ago. It is early in the marketing year, but we will need to see those export sales start to pick up here soon. Harvest is moving along great. There is some moisture moving through parts of the U.S. this week but that should only slow harvest up a day or 2 in a few areas. Rallies on corn should be limited in the near-term.
Soybeans felt the hedge pressure of a huge harvest weekend, closing down 4 cents yesterday. Crop progress out this afternoon should show soybeans well past 50% harvested. November soybeans keep testing support in the $12.70 area, but that support is holding. China has been quiet lately on purchasing more soybeans from the U.S. and they still have around 35-40% of the 25 MMT yet to buy. The soybean market is a lot like the corn market, looking for some fresh news to trade on. With harvest winding down on soybeans, rallies will be limited.
December Kansas City wheat is back testing support at the $7.08 area here this morning. IKAR, a Russian consulting group, has lowered their total crop production in Russia by 1 MMT. The Black Sea remains offline with no end in sight. Without any fresh news, wheat will continue to follow corn and soybeans.
