October 22, 2026
At this hour:
🌽Corn market is up 1-2c,
🌱soybeans are up 2-3c,
🍞wheat is down 1-2c
🛢️crude oil is up $2.48,
-December corn futures scored an outside day higher on the charts.
-Russia/Ukraine conflict still elevated. Russia carried out more attacks on Ukraine overnight.
-Tensions in the Middle East remain elevated. Crude oil is up over 2% here this morning and testing the $100.00 level again.
-Pease talks between Russia and Ukraine will resume in November.
-Weekly ethanol production rose to a 5-week high, but ethanol stocks also increased more than trade estimates.
-U.S. weather is bringing some rains to the Upper Midwest this weekend, slowing harvest in an area that is already behind.
Support/Resistance:
December corn – Support on December corn is at $4.57 1/4 which is the low from August 6th. Resistance is at $4.73 1/2 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 $4.87 1/4 which is the 10-day moving average.
November soybeans – Support comes in at $12.28 which is the 100-day moving average. Resistance is at $12.66 which is the 10-day moving average.
March soybeans – Support is at $12.49 which is the 100-day moving average. Resistance is at $12.89 3/4 which is the 10-day moving average.
December Kansas City wheat – Support is at $6.67 1/4 which is the low from October 21st. Resistance comes in at $7.01 1/4 which is the 10-day moving average.
Where do we go from Here:
December corn futures scored an outside day higher yesterday. This is the first sign we have had in a while suggesting we might be catching some support. The real test for December corn will be if they can close above $4.70. Fundamentally, nothing has changed in the corn complex. Harvest continues to push forward, and yields are still in question. If you look back at the life cycle of December corn, they have spent a lot of their time trading between $4.50 and $4.70. Between harvest pressure, slow export sales pace and the traders questioning USDA’s national corn yield, it makes sense that December corn could consolidate between $4.50 and $4.70 for a bit.
Soybeans had another lower trade yesterday, but they did close well off their lows. November soybeans found support on an uptrend line that extends from our June 30th low and the August 11th low. Spreads in the soybean market also firmed up a bunch yesterday and that is usually a sign that we could see some more buying develop. China has been back buying a lot of soybeans last week and this week to help support the cash market. Planting in South America is off to a great start, but El Nino is picking up steam and looking to peak out here sometime in the next 30-45 days. Could the Super El Nino cause some production problems in South America? Time will tell but the Funds have taken some risk off that table, selling off some of their net long positions in soybeans. It looks like November soybeans could stabilize and find support in the $12.40’s area.
Wheat prices continue to trend lower. Peace talks between the U.S., and Ukraine went well yesterday and there is a potential peace talks set up between the U.S., Russia and Ukraine for November. Time will tell if anything positive comes out of those meetings, but it feels like progress is being made. For the wheat market, this is a negative factor as there will be a lot of wheat from the Black Sea hitting the Global markets but with the recent selloff, I think the market has priced a lot of that negative news in already.
