November 5, 2026
At this hour:
🌽Corn market is up 3-4c,
🌱soybeans are up 3-4c,
🍞wheat is up 5-6c
🛢️crude oil is up $0.67,
-Crude oil starting out higher today after an 8% selloff yesterday.
-December corn futures had an outside day higher yesterday.
-Ethanol production climbed this week while stocks dropped.
-China is open to buying more agricultural goods from the U.S. as long as both sides walk back reciprocal tariffs.
-167,000 metric ton flash sale of soybeans announced to Spain yesterday morning.
Support/Resistance:
December corn – Support on December corn is at $4.25 3/4 which is the contract low. Resistance is at $4.49 1/4 which is the 10-day moving average.
March corn – Support comes in at $4.41 which is the contract low. Resistance comes in at $4.63 which is the 10-day moving average.
January soybeans – Support comes in at $12.03 1/2 which is the 200-day moving average. Resistance is at $12.33 which is the 10-day moving average.
March soybeans – Support is at $12.06 which is the 200-day moving average. Resistance is at $12.39 1/4 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 $6.46 which is the 10-day moving average.
Where do we go from Here:
Corn prices are higher after an outside day higher yesterday. This big challenge I see is December corn futures trading and closing above the 10-day moving average which comes in at $4.49 1/4 today. The 10-day moving average has been a level that we have not closed above since September 22nd. The corn market is looking for some fresh new to trade on and has been consolidating here for a bit. China has said they are interested in buying more agricultural products from the U.S. as long as both sides walk back the reciprocal tariffs. Could this be a sign that China might buy some corn from the U.S.? For now, I think the corn market continues to consolidate but keep a close eye on how futures react to the 10-day moving average.
Soybeans briefly pushed below the 200-day moving average yesterday but managed to close right on the 200-day moving average yesterday. The Funds are still carrying a net long position so if we close below the 200-day moving average, the January soybeans could slip down to support at $11.80 or down to the June 30th low in the $11.40 area. The USDA did announce a 167,000 mt soybean sale to Spain yesterday, so there is still good demand for U.S. soybeans but our biggest hurdle we need to get over is getting freight prices lower. Crude oil was down over 8% yesterday so that is a step in the right direction. The 10-day moving average is an important level to watch on soybeans as well. That comes in today at $12.31 on the January futures.
Wheat prices are stabilizing. The U.S. Dollar is off their highs, helping make U.S. wheat a little more competitive. I would look for December Kansas City wheat to continue to consolidate between $6.29 and $6.52. The 10-day moving average comes in at $6.46 and a close above the 10day moving average could signal a change of trend. Continue to look for wheat to be a follower of the corn market.
