November 3, 2026
At this hour:
🌽Corn market is down 1-2c,
🌱soybeans are up 2-3c,
🍞wheat is down 2-3c
🛢️crude oil is up $1.10,
-Today is election day.
-Weekly export shipments were strong on soybeans and decent on corn.
-1.7 mmt of corn was announced on a flash sale to Mexico.
-Crude oil is up about 1% here today.
-Corn harvest progress made a big leap last week. Corn is 74% harvested vs 77% average. Soybean harvest is ahead of the 5-year average.
Support/Resistance:
December corn – Support on December corn is at $4.47 1/2 which is the low from October 29th. Resistance is at $4.53 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 $4.66 1/2 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 $12.43 which is the 10-day moving average.
March soybeans – Support is at $12.05 which is the 200-day moving average. Resistance is at $12.51 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 $6.53 1/2 which is the 10-day moving average.
Where do we go from Here:
Corn market is a little lower to start out the day. Weekly harvest progress saw corn make some big strides and is closing the gap to the 5-year average harvest pace. The U.S. corn crop is now 74% harvested with the bulk of those unharvested acres in the western corn belt. Harvest progress this week will be slow in the west with a big rain event moving through eaarly this week. Mexico stepped in and bought 1.7 mmt of corn yesterday for both this marketing year and next marketing year. This is a sign that U.S. corn prices are getting low enough to attract some interest. Now, 1 flash sale isn’t going to change the market trend so we will need to see more of these sales in the near future. December corn continues to build a basing pattern, and I look for December corn to continue to trade between $4.45 and $4.55.
The soybean market fell victim to the energy markets yesterday. Crude oil down $8 per barrel led to a lower soybean oil and that drug soybeans down. With the Funds continuing to hold a big net long position in soybeans compared to the other grains, this was a selling opportunity for the Funds. Now the big question in the soybean market is what will the Funds do with their big, long position? As of last Tuesday, there were estimated to be long about 185,000 contracts compared to 55,000 long corn and net short in all 3 wheat classes. Will the Funds unwind those long positions like the other grains, or is there a reason they are staying long? The weather in South America has been great to get the crop planted but there are some signs of things warming up a drying out. This will keep some volatility in the soybean complex.
Wheat prices seem to be stabilizing and starting s small uptrend. The wheat market has had way too much bearish information thrown at it lately and due for a correction. The Funds are net short all 3 wheat classes and unless we see a big uptick in export sales out of the U.S. I don’t see any reason today for the Funds to get back to the long side. The Russia/Ukraine situation remains a mess and when we think they are making progress on a peace deal, there are more drone strikes. I look for the wheat market to consolidate and build a base.
