January 7, 2026
At this hour:
🌽Corn market is up 1-2c,
🌱soybeans are up 8-9c,
🍞wheat is up 3-4c,
🛢️crude oil is down $0.14-$0.15,
💲US Dollar is up 1-2 points
-Soybeans had a flash sale of 336,000 metric tons of soybeans to China.
-China has purchased about 10 MMT of the 12 MMT they agreed to buy from the U.S.
-Dow Jones futures are closing in on the 50,000 level.
-Gold and silver futures are near record highs in a very volatile trade.
-On Friday the Supreme Court is expected to rule on the ‘1977 powers law” regarding the Trump administrations use of tariffs.
🐂🐻 Look for a higher trade here today.
Support/Resistance:
March corn – Support on March corn is at $4.39 3/4 which is the 100-day moving average. Resistance is at $4.45 which is the 200-day moving average.
July corn – Support comes in at $4.54 3/4 which is the 100-day moving average. Resistance comes in at $4.60 which is the 200-day moving average.
March soybeans – Support comes in at $10.38 which is the low from January 2nd. Resistance is at $10.66 3/4 which is the 200-day moving average.
July soybeans – Support is at $10.64 3/4 which is the low from January 2nd. Resistance is at $10.88 which is the 200-day moving average.
March Kansas City wheat – Support is at $5.03 which is the December 17th low. Resistance comes in at $5.27 1/2 which is the 100-day moving average.
Where do we go from Here:
Corn tried to rally yesterday but selling showed up late in the day and corn futures finished out the day down 1/2 cent. The 200-day moving average is causing a little resistance. We have traded above the 200-day a few times over the past 2 months, but we don’t stay above that level very long. Farmer selling has picked up a little this week as cash needs are showing up. The basis on corn has been getting a little better in the eastern corn belt while the western corn belt the basis feels heavy. The Fund rebalancing should be supportive to corn futures while the outside market is also supportive. I still look for March corn to trade between $4.35 and $4.50.
China stepped in and bought another 336,000 metric tons of soybeans from the U.S. yesterday. It is estimated they have purchased around 10 MMT of the 12 MMT they agreed to buy from the U.S. Once China hits their quota of 12 MMT, demand for U.S. soybeans could slow up as we are just too expensive in the World right now on soybeans. Soybean futures gave up their rally yesterday late in the day led by hedge pressure going into the January 12th crop report. South American news is a non-event as the weather looks really good. I look for March soybeans to trade between $10.45 and $10.70 with a chance we could test the December 26th high of $10.82 ahead of the January 12th crop report.
Kansas City wheat futures managed to close out the day higher yesterday. Not a lot of fresh news for the wheat complex so wheat has been more of a follower. The Fund rebalancing should be supportive to wheat. There is some cold weather headed to the U.S. later in January, but it looks like that cold will stay in the upper plains and not affect the wheat in the southern plains. Look for March Kansas City wheat to trade between $5.00 and $5.30.
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