November 11, 2026
At this hour:
🌽Corn market is down 2-3c,
🌱soybeans are down 3-4c,
🍞wheat is up 2-3c
🛢️crude oil is up $0.72,
-First and foremost, Thank You to all active and past military for your service. We live in the best country because of all of you!
-USDA gave us a few surprises yesterday. Corn and soybean yield both coming in less than trade expectation.
-The funds were active buyers of corn and soybeans yesterday.
-Lower U.S. ending stocks in corn and soybeans should give the market good support until the January WASDE report.
-In honor of Veterans Day, government offices are closed, but markets remain open.
-2 flash export sales announced yesterday, both to Mexico. 312,500 mt of corn and 150,000 mt of soybeans sold to Mexico.
Support/Resistance:
December corn – Support on December corn is at $4.45 which is the 10-day moving average. Resistance is at $4.53 1/4 which is the 20-day moving average.
March corn – Support comes in at $4.58 1/4 which is the 10-day moving average. Resistance comes in at $4.67 which is the 20-day moving average.
January soybeans – Support comes in at $12.12 1/4 which is the 10-day moving average. Resistance is at $12.36 3/4 which is the 20-day moving average.
March soybeans – Support is at $12.20 which is the 10-day moving average. Resistance is at $12.44 3/4 which is the 20-day moving average.
December Kansas City wheat – Support is at $6.26 which is the low from June 30th. Resistance comes in at $6.37 1/2 which is the 10-day moving average.
Where do we go from Here:
USDA lowered the national corn yield by 1.6 bushels per acre. Heading into the report there were many questions on what the USDA would do with their national corn yield after they raised the yield in October. With the reduction in yield and production, this allowed the USDA to cut back some demand by cutting corn exports by 25 million bushels and feed/residual by 25 million. Overall, we still got the ending stocks to come down by about 91 million bushels. We still have a comfortable ending stock in corn, but any further yield reductions will just make things tighter. This should give corn a short-term support and if corn export sales keep picking up, we could see corn gain back some of what they lost over the past 2+ months.
On the soybeans, the USDA did raise the soybean yield but only by 0.2 bushels per acre. Combine that production increase with an increase in demand, the U.S. ending stocks of soybeans are back down to 300 million bushels. Add in the fact the USDA did increase their export estimate for the year, and the U.S. is getting very tight on soybeans again. The World ending stocks also saw a drop so keep a close eye on the weather in South America. Planting progress is off to a great start in Brazil and under good conditions, but the weather in December and January will be crucial to their crop development. Soybeans put in a significant low yesterday and should be well supported going forward.
Peace talks between Russia and Ukraine resumed yesterday. The talks will likely take several days but progress is being made. The Funds still continue to hold a big, short position and the U.S. wheat remains uncompetitive in the World market. Wheat will continue to get its lead from the corn market.
