October 20, 2026
At this hour:
🌽Corn market is up 0-1c,
🌱soybeans are up 3-4c,
🍞wheat is up 2-3c
🛢️crude oil is up $2.20,
-President Trump along with the USDA announced $8 billion in relief for farmer called the Harvest Fuel Relief program.
-Crop progress continues to see corn and soybean harvest behind average, but soybean made up some ground. Corn is 44% harvested and soybeans are 64% harvested.
-Weekly export inspections saw a sharp drop in corn inspections while soybeans saw a significant jump.
-The U.S. weather looks good through Thursday and then the next system could bring more rains and cooler temps to upper Midwest.
-Long range forecast is potentially talking some snow for the upper plains in the week 2 forecast.
-December corn remains well below the 100-day and 200-day moving averages while soybeans remain well above the 100-day and 200-day moving averages.
Support/Resistance:
December corn – Support on December corn is at $4.57 1/4 which is the low from August 6th. Resistance is at $4.81 1/4 which is the 10-day moving average.
March corn – Support comes in at $4.73 which is the low from August 6th. Resistance comes in at $4.95 1/4 which is the 10-day moving average.
November soybeans – Support comes in at $12.26 3/4 which is the 100-day moving average. Resistance is at $12.76 which is the 10-day moving average.
March soybeans – Support is at $12.47 1/2 which is the 100-day moving average. Resistance is at $13.01 which is the 50-day moving average.
December Kansas City wheat – Support is at $6.89 1/2 which is the 200-day moving average. Resistance comes in at $7.15 1/2 which is the 10-day moving average.
Where do we go from Here:
Corn futures came under hedge pressure from a big weekend of harvest. Weekly export inspections were disappointing as well and that allowed December corn to take out and close below the low from the WASDE report from October 9th. With December corn well below the 100-day and 200-day moving averages, the Funds will likely continue to offload their net long position. Harvest continues to push forward but corn harvest is running about 5% behind the 5-year average pace. As farmers look to wrap up soybean harvest this week, they will switch over and knock out the corn. Most of the U.S. looks to have a decent week of harvest progress this week with the Upper Midwest looking at some rain moving in late this week. I would think December corn could find some support near the August 6th low at $4.57 1/4.
Weekly export inspections for soybeans were huge this week. China stepped back in and started buying soybeans from the U.S. and the export inspections this week were well above trade estimates. November soybean futures continue to trend lower, but they are still trading well above the 100-day and the 200-day moving averages. Harvest is pretty much down to the last 30% and that is typically when we see more hedge pressure as farmers haul soybeans to town after they fill their bins. Spreads continue to remain steady but with harvest on the last 30%, I would look for soybean spreads to firm up a bit. Basis levels are remaining steady for now, but I would expect a few areas to start to see the basis improve shortly.
December Kansas City wheat continues its free fall. As December Kansas City wheat futures close in on the 200-day moving average, we are seeing a little more support. The tensions between Russia and Ukraine remain elevated. Both countries are working on other ways to get their grain out on the World market but that is only a minor solution. They both still need to ship grain out of the Black Sea. Other countries dependent on their grain exports are buying their grains from other countries and the longer this conflict lasts, the better the odds the U.S. will see an increase in their export activity.
