October 30, 2026
At this hour:
🌽Corn market is down 1-2c,
🌱soybeans are down 1-2c,
🍞wheat is down 0-1c
🛢️crude oil is up $2.14,
-Weekly export sales were strong, especially for soybeans.
-USDA said to purchase $472.5 millions of agricultural goods to help farmers.
-Reports of China asking for prices on soft winter what helped support wheat prices.
-Tension in the Middle East remain high.
-U.S. weather looks to bring 1 more big rain system to the western corn belt before they turn warm and dry again.
Support/Resistance:
December corn – Support on December corn is at $4.48 1/2 which is the low from October 27th. Resistance is at $4.56 1/2 which is the 10-day moving average.
March corn – Support comes in at $4.62 1/2 which is the low from October 27th. Resistance comes in at $4.70 1/4 which is the 10-day moving average.
November soybeans – Support comes in at $11.88 which is the 200-day moving average. Resistance is at $12.39 1/4 which is the 10-day moving average.
March soybeans – Support is at $12.03 1/4 which is the 200-day moving average. Resistance is at $12.61 which is the 10-day moving average.
December Kansas City wheat – Support is at $6.26 which is the low from June 30th. Resistance comes in at $6.63 3/4 which is the 10-day moving average.
Where do we go from Here:
Corn futures seem to be finally consolidating between $4.48 and $4.55. Weekly export sales were decent and a 3rd week in a row of solid sales. We still need export to pick up a little more but there are on the right track. Harvest is wrapping up in the east while the western corn belt continues to lag. There is 1 more big system to push through this weekend into early next week before finally drying out to allow farmers 1 last push to wrap up harvest. Harvest is around 70% complete so we are hitting the stage when we could see a bit more harvest pressure. Rallies will be limited and continue to watch export sales.
Another strong week of weekly export sales are helping stabilize soybean futures. We continue to hear report of the weather warming up and drying out for central and northern Brazil. The U.S. Dollar continues to trade over 101, keeping the U.S> a bit uncompetitive in the World market. Crush margins in the U.S. out through next spring look solid, keeping the processor in the U.S. hungry for U.S. soybeans. As harvest wraps up, I would look for spreads and basis to start to firm up. Today is first notice day for November soybeans so we might see some wild action in the front-end spreads.
China is rumored to be snooping around for prices on U.S. soft winter wheat prices. This is the first time in a while China has inquired about wheat prices. Now, this is not a confirmed sale but there is optimism that China could start buying up some of the $17 billion in other agricultural products they talked about from the U.S. This news is helping stabilize wheat prices and spilling over into the corn market. The wheat market will still have limited rallies, but they could carve out a near term floor.
