October 19, 2026
At this hour:
🌽Corn market is down 0-1c,
🌱soybeans are up 0-1c,
🍞wheat is down 2-4c
🛢️crude oil is down $0.80,
-Quiet start to the week with corn having a 2c trading range on the overnight trade and soybeans with an 8c range.
-Crude oil starting out the week about 1% lower.
-Weather in the U.S. should allow for another great week of harvest. Soybean harvest is winding down, and corn should be around the halfway point.
-The Funds were net sellers of corn and soybeans again last week. Funds are now net long about 230,000 contracts of corn and 237,000 contracts of soybeans.
-Soybean basis levels should start to firm up with harvest wrapping up in many areas.
Support/Resistance:
December corn – Support on December corn is at $4.70 1/4 which is the low from October 9th. Resistance is at $4.80 which is the 200-day moving average.
March corn – Support comes in at $4.85 1/4 which is the low from October 9th. Resistance comes in at $4.93 1/2 which is the 200-day moving average.
November soybeans – Support comes in at $12.26 1/4 which is the 100-day moving average. Resistance is at $12.76 3/4 which is the 50-day moving average.
March soybeans – Support is at $12.47 which is the 200-day moving average. Resistance is at $12.99 3/4 which is the 50-day moving average.
December Kansas City wheat – Support is at $6.89 which is the 200-day moving average. Resistance comes in at $7.21 3/4 which is the 10-day moving average.
Where do we go from Here:
December corn futures had a down week of trading last week, but they are still holding above the low from the October 9th report. The weather across the U.S. looks good for another week of harvest. There is some rain moving in the upper plains this weekend, but the bulk of the U.S. should have a wide-open week of harvest. I would estimate corn harvest to be in the 45-50% complete across the U.S. Yields continue to be a hot topic. The overall feel is the U.S. corn crop is still overstated, and we could see those changes come in futures reports. Corn exports saw an uptick last week, but we were still off the pace needed to achieve the USDA estimate. With corn harvest pushing past the 50% mark this week, rallies will be limited.
Soybean prices are trying to stabilize. November soybeans are back testing support from the July 24th high of $12.56 1/2. China stepped back in to buy more soybeans from the U.S. last week. Soybean harvest had another good week of progress and this week we should see a lot of folks wrap up harvest. Yields continue to be very good with most thinking the USDA will have to raise their estimate on the national soybean yield. There is some dryness talk for Brazil starting to increase for central and northern Brazil so keep a close eye on that as El Nino looks to peak out here in November or December. With soybean harvest wrapping up in many areas, look for soybean basis to firm up across the U.S.
The fighting in the Black Sea region continues. December Kansas City wheat has seen a $1.50 selloff but starting to stabilize a bit around the $7.00 level. The U.S. Dollar trading near 102 is not helping the U.S. to be competitive on the World market. The Funds continue to sell off their wheat long position. December Kansas City wheat should find support here around the $7 level but without corn or soybeans rallying, wheat will be limited to the upside.
