November 2, 2026
At this hour:
🌽Corn market is up 3-4c,
🌱soybeans are down 1-2c,
🍞wheat is up 2-3c
🛢️crude oil is down $4.56,
-Heavy rains a strong wind is hitting the Dakotas, Minnesota, Nebraska and Iowa over the next 48 hours, delaying harvest further.
-The Funds were active sellers last week selling over 90,000 contracts of corn and over 21,000 contracts of soybeans.
-As of October 27th, the Funds were long 55,943 contracts of corn and still long 185,400 contracts of soybeans.
-Crude oil futures down over 4% to start out the week on ideas of an end to the U.S./Iran war.
-The weather models look to dry out once we get through the first few days this week and should allow harvest to wrap up.
Support/Resistance:
December corn – Support on December corn is at $4.47 1/2 which is the low from October 29th. Resistance is at $4.54 3/4 which is the 10-day moving average.
March corn – Support comes in at $4.61 which is the low from October 29th. Resistance comes in at $4.68 1/4 which is the 10-day moving average.
January soybeans – Support comes in at $12.01 1/2 which is the 200-day moving average. Resistance is at $12.49 which is the 10-day moving average.
March soybeans – Support is at $12.04 1/4 which is the 200-day moving average. Resistance is at $12.57 1/2 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 $6.58 1/4 which is the 10-day moving average.
Where do we go from Here:
Corn futures are starting out the week a little higher. A combination of the Funds selling off over 90,000 contracts along with a weather system hitting a good portion of the western corn belt has corn up 2-3 here this morning. The Funds are still long 55,000+ contracts as of October 27th and some traders are wondering if they might be net short now. December corn seems to be finding support in the $4.47-$4.48 area and for the past 3 weeks, corn export sales have picked up. Now, we still need to see a stronger export pace to achieve the 3.3 billion bushels estimate the USDA has set out so there is a good chance we will see the USDA have to cut back some export demand. Harvest is going to hit a standstill here for a few days as the bulk of the corn harvest left is in the western corn belt and there are areas looking to get 2-3 inches of rain along with strong winds. Corn has good support but until we get harvest wrapped up, rallies will still be limited.
Soybeans are a little lower on the heels of bean oil being lower. Crude oil is down over 4% has the energy market and oil market under a little pressure as the talks of the U.S./Iran war look to end here soon. The U.S. continues to remain uncompetitive on the World market and that is keeping a lid on soybean prices. Brazil is off to a great start for their 2026/27 crop year, but the forecasts do look to bring some heat and dryness to central and northern Brazil. Soybean harvest is all but wrapped up and there are talks of the USDA increasing the national soybean yield in futures WASDE reports. If soybean prices remain under a little pressure, I think the spreads and basis will firm up to help the end users draw beans out of storage.
Drone strikes between Russia and Ukraine started back up over the weekend. After about a 2-week pause in attacks, energy facilities were targeted over the weekend. The Funds are now net short all 3 wheat classes and we seem to be holding good, long-term support. Talks are still going on between Russia and Ukraine for a peace deal but so far there has not been even a date set. Look for wheat to remain well supported with limited upside while we try to figure out if Russia and Ukraine are serious about a peace deal.
