October 10, 2025
At this hour:
🌽Corn market is down 0-1c,
🌱soybeans are down 7-8c,
🍞wheat is down 1-2c,
🛢️crude oil is down 43-44c,
💲US Dollar is down 19-20 points.
-Corn and soybean futures ran into resistance yesterday and saw some technical selling yesterday and again this morning.
-Day 10 of the Government shutdown has the news stories few and far between.
-No USDA Crop Production report yesterday and if the Government stays shutdown for the next couple weeks, odds will increase we won’t get a report in November.
-Weather looks open for yest another wide-open harvest weekend.
-Corn and soybeans seem content to trend sideways as traders are expecting lower yields eventually and those could be offset by a lower demand.
🐂🐻Look for a choppy to lower trade today as we wrap up the second week of October.
Support/Resistance:
December corn – Support on December corn is at $4.15 which is the 50-day moving average Resistance is at $4.23 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 which is the 100-day moving average.
November soybeans – Support comes in at $10.05 which is the September 3rd low. Resistance is at $10.29 which is the 200-day moving average.
July soybeans – Support is at $10.67 1/2 which is the 200-day moving average. Resistance is at $10.83 which is the 50-day moving average.
December Kansas City wheat – Initial support is at $4.88 which is the low from October 1st. Resistance comes in at $5.03 1/4 which is the 20-day moving average.
Where do we go from Here:
Corn prices are a little lower here this morning. After trading most of the day yesterday near unchanged, selling showed up and corn ended the day 3c lower. Harvest pressure had a lot of do with the lower prices yesterday and I would expect more of the same here today as we close out the week. Overall, the trend is still sideways between $4.15 and $4.25 December corn futures. It will be another big weekend of corn harvest across the U.S. as farmers push the corn harvest to 40% complete.
Much like the corn prices, soybeans are under a little pressure here this morning. Combination of soybean harvest wrapping up feeling some hedge pressure, questions on demand with China not buying soybeans from the U.S. and technical selling has November soybeans heading back down to the low end of the sideways trading channel we have been in. The general feeling is U.S. soybean yields should be lowered due to the later maturing soybeans tailing off. Spreads and basis levels have firmed up this week, but I feel that is more of a function of lack of farmer selling and more soybeans getting stored at home vs being taken to town off the combine. I look for November soybeans to continue to trend sideways between $10.00 and $10.30.
Wheat futures tried to stabilize the past 2 days to try and carve out a low but this morning we are back down putting in new lows for the week. The U.S. Dollar is back trading at 99.31 and that is not helping the U.S. wheat prices to be competitive in the World market. For wheat it is pretty simple, the trend is down and rallies of 5c or more seem to be sold quickly.
Upcoming USDA Reports:
We are not expecting any USDA reports until the Government is back open.
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