November 12, 2026
At this hour:
🌽Corn market is down 0-1c,
🌱soybeans are down 2-3c,
🍞wheat is down 5-6c
🛢️crude oil is down $0.77,
-Russia & Ukraine end peace talks yesterday with no breakthrough in a deal.
-South American weather continues to look really good with no immediate drought threat.
-China is rumored to be looking for some wheat. They did buy some wheat from France this week.
-December corn and January soybean futures are finding resistance at their 20-day moving averages.
Support/Resistance:
December corn – Support on December corn is at $4.44 3/4 which is the 10-day moving average. Resistance is at $4.52 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 $4.65 1/4 which is the 20-day moving average.
January soybeans – Support comes in at $12.12 1/2 which is the 10-day moving average. Resistance is at $12.34 1/2 which is the 20-day moving average.
March soybeans – Support is at $12.20 which is the 10-day moving average. Resistance is at $12.42 1/2 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 $6.36 3/4 which is the 10-day moving average.
Where do we go from Here:
Corn futures were very quiet in the overnight trade. Government offices will be back open here today so maybe we will see some export flash sales of corn. With the USDA report now behind us we need to keep a close eye on exports. The past few weeks, export pace on corn has been picking up but we did see the USDA lower their annual estimate by 25 million bushels. We will still need to sell about 50 million bushels of corn each week to achieve their annual estimate of 3.275 billion bushels. Corn spreads have been firming up, and harvest is coming to a quick end. We will need the export pace to pick up even more or we will likely see the USDA lower demand for exports in future reports. With U.S. ending stocks at 1.758 billion bushels, our low last week and early this week should be good support.
Soybean futures extended their gains yesterday and closed 2-3c higher. The weather in South America is almost ideal to get the crop planted and off to a great start. We still need to get through December and January and those are critical months for crop development in Brazil. The Funds continue to hold onto to big net long position. Demand for U.S. soybeans continues to be strong as domestic markets and export markets continue to compete against each other. January soybeans found a little resistance at the 20-day moving average yesterday. If January soybeans could close above the 20-day moving average, then we might see January soybeans head up and test the 100-day moving average at $12.52 area. Just like the corn market, our lows from earlier this week should provide good support.
Wheat prices are a little lower today after posting some solid gains yesterday. Russia and Ukraine ended their peace talks with no major breakthrough leaving speculation the war will continue on. There is some chatter in the wheat complex that Russian wheat exports could be offline until this spring. This news helped push wheat futures higher yesterday, but we need to keep in mind that the U.S. continues to struggle to stay competitive on the World market.
