November 9, 2026
At this hour:
🌽Corn market is up 1-2c,
🌱soybeans are up 1-2c,
🍞wheat is down 3-4c
🛢️crude oil is down $1.41,
-USDA will release their November WASDE report tomorrow morning at 11:00 am CST.
-China said it will suspend their retaliatory tariffs for 2 more months as the work closer to a trade deal.
-The Funds are now net short corn and still carrying a decent size long position in soybeans.
-Weather in the western corn belt looks good for the next 2-weeks to help wrap up harvest.
Support/Resistance:
December corn – Support on December corn is at $4.25 3/4 which is the contract low. Resistance is at $4.46 which is the 10-day moving average.
March corn – Support comes in at $4.41 which is the contract low. Resistance comes in at $4.59 1/2 which is the 10-day moving average.
January soybeans – Support comes in at $11.84 1/4 which is the low from August 11th. Resistance is at $12.04 1/4 which is the 200-day moving average.
March soybeans – Support is at $11.88 3/4 which is the low from August 11th. Resistance is at $12.07 which is the 200-day moving average.
December Kansas City wheat – Support is at $6.26 which is the low from June 30th. Resistance comes in at $6.39 1/4 which is the 10-day moving average.
Where do we go from Here:
Corn is starting out the week a little higher. The Funds continue to be massive sellers and are now net short on corn so we might see the selling pressure ease up a bit. Last week we had a few export sale announcements, so it does feel like we are finally at a price level the U.S. is starting to gain some business. The lower energy prices are also helping a lot too. The USDA will release their November WASDE report tomorrow morning, and they will use AI to help them calculate their numbers and the AI will be used as a supplement. Harvest progress should resume in the western corn belt this week and the next 2-weeks look good to wrap up harvest. Look for the corn futures to continue to consolidate and then take its direction from the USDA report due out tomorrow morning.
After a rough week of trading last week, soybean futures are starting out the week a touch higher. Traders have been pricing in a bigger U.S. soybean crop and that has led to the Funds selling out of their net long positions. The Funds sold out of over 52,000 contracts of soybeans last week but were still net long about 132,000 contracts as of last Tuesday. Soybeans continue to see some export activity each week, but this is mostly China buying up the 25 mmt they agreed to buy. Last Fridays outside day higher should give the soybeans a little support to start the week, but all eyes will be on the USDA report tomorrow and wondering just how high will the USDA increase the soybean yield?
Wheat prices are back testing last week’s support and if there is any positive news in the wheat market it is they are holding last week’s low so far. Yes, last week was another lower week of trading but they are starting to stabilize a bit vs going straight down. Nothing new between Russia and Ukraine but the Funds continue to build a bigger net short position, so they are betting a peace deal happens. Look for wheat to follow corn.
