October 8, 2025
At this hour:
🌽Corn market is down 0-1c,
🌱soybeans are up 1-2c,
🍞wheat is down 1-2c,
🛢️crude oil is up 85-86c,
💲US Dollar is up 32-33 points.
-Day 8 of the Government shut down and doesn’t look like they are getting closer to opening it back up anytime soon.
-It does not look like we will get our October WASDE report this week. Here are the estimates: corn 185 bushels per acre and soybeans at 53.2 bushels per acre compared to the September WASDE report of 186.7 bushels per acre on corn and 53.5 bushels per acre on soybeans.
-There was no announcement from the Trump Administration yesterday laying out the details on a Farm aid package. We are expecting details yet this week.
-Some rains moving across the Midwest allowing farmers to catch their breath a little and catch up.
🐂🐻Look for another choppy trade session today.
Support/Resistance:
December corn – Support on December corn is at $4.15 which is the 50-day moving average Resistance is at $4.23 3/4 which is the 100-day moving average.
July corn – Support comes in at $4.49 which is the 50-day moving average. Resistance comes in at $4.56 1/2 which is the 100-day moving average.
November soybeans – Support comes in at $10.05 which is the September 3rd low. Resistance is at $10.28 1/2 which is the 200-day moving average.
July soybeans – Support is at $10.67 which is the 200-day moving average. Resistance is at $10.81 1/2 which is the 20-day moving average.
December Kansas City wheat – Initial support is at $4.88 which is the low from October 1st. Resistance comes in at $5.05 1/2 which is the 20-day moving average.
Where do we go from Here:
December corn futures tested resistance yesterday at $4.24 1/2 but failed. We seem to find some selling pressure as we approach the $4.25 area, but support is found on breaks down to $4.15. Trade estimates were out for the October WASDE report even though it is unlikely we will see the report due to the Government shut down. Trade estimates showed the corn yield dropping just 1.7 bushels per acre. With December corn 30+ cents off of their lows, this suggests to me that the trade is pricing in more of a 183-bushel type yield. Not a lot of other news to trade on so look for December corn to continue to trend between $4.15 and $4.25.
The Trump Administration did not release any details of a farmer aid package due to the ongoing trade war with China, but we do expect some announcement yet this week. Trade estimates for the October WASDE report suggest the trade is looking for a yield drop of 0.3 bushels per acre. This seems pretty close to what the market has priced in. Soybean yields have been variable, but we are hearing more yields drop off as the dry August finish cut the upside on the late maturing soybeans. As harvest wraps up in many areas this week, we are starting to see basis levels firm up across parts of the U.S. Look for November soybeans to continue to trade $10.00 to $10.30.
Another day and another new low in the wheat market. December Kansas City wheat is still holding above last week’s low, but we are within 2c of making a new low. The trend is still down and no reason to cause the Funds to reduce their short position. The U.S. Dollar has put on about 2 points here this week and back trading close to 99 and that is causing U.S. wheat to be a little more uncompetitive in the World.
Upcoming USDA Reports:
We are not expecting any USDA reports until the Government is back open.
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