October 15, 2026
At this hour:
🌽Corn market is down 0-1c,
🌱soybeans are up 3-4c,
🍞wheat is down 1-2c
🛢️crude oil is down $0.25,
-470,000 mt flash soybean sale to China announced yesterday morning.
-Rains are moving across the U.S. here the next 24-48 hours delaying harvest a bit.
-Drone attacks between Russia and Ukraine continue, eliminating any idea of a ceasefire on energy facilities.
-Russian diesel is supposed to hit the U.S. before November 3rd.
-Weekly export sales will be announced tomorrow due to the Columbus Day holiday on Monday.
Support/Resistance:
December corn – Support on December corn is at $4.79 3/4 which is the 200-day moving average. Resistance is at $4.91 which is the 10-day moving average.
March corn – Support comes in at $4.93 1/4 which the 200-day moving average. Resistance comes in at $5.05 1/4 which is the 10-day moving average.
November soybeans – Support comes in at $12.73 3/4 which is the 50-day moving average. Resistance is at $12.96 3/4 which is the 20-day moving average.
March soybeans – Support is at $12.96 1/2 which is the 50-day moving average. Resistance is at $13.21 1/2 which is the 20-day moving average.
December Kansas City wheat – Support is at $6.87 3/4 which is the 200-day moving average. Resistance comes in at $7.28 1/4 which is the 10-day moving average.
Where do we go from Here:
December corn futures are back testing support at the 200-day moving average. Since the report last Friday, corn has been consolidating and looking for some fresh news to trade on. Ideally for the Bulls, they would like to see December corn trade and close above the 100-day moving average at $4.84 1/2. Harvest continues to roll along, and yields seem to be holding about the same. Most traders still feel the USDA is overstating the final yield estimate. When I look at the October yield estimate compared to the final yield estimate in January, it was 50/50 over the past 20 years on if the USDA increased or lowered yield. Weekly export sales will be released tomorrow morning, and we will need to see those sales start to pick up or we face a potential demand reduction in future WASDE reports.
China was back in buying more U.S. soybeans after we got a flash sale of 470,000 mt announced yesterday. The announcement initially supported soybean prices but at the end of the day, harvest pressure was too much to handle. November soybeans are down testing support in the low $12.70’s area and holding. Many farmers should be able to wrap up soybean harvest this week and that is helping the spreads firm up a bit here recently. Basis levels on soybeans remain mostly steady across the U.S. but as harvest wraps up, we should see the basis levels firm up. Domestic demand remains very robust, and crush margins are decent. Keep a close eye on the weather in Brazil. We are starting to hear more chatter about dry conditions setting up.
December Kansas City wheat is trying to hold support around $7.08. Russia and Ukraine continue to carryout drone strikes against each other and targeting energy facilities. U.S. wheat remains uncompetitive on the World market so export sales should be on the lighter side. I look for wheat to continue to consolidate here, looking for some fresh news to trade on.
