October 16, 2025
At this hour:
🌽Corn market is up 0-1c,
🌱soybeans are up 2-3c,
🍞wheat is down 2-3c,
🛢️crude oil is up 30-32c,
💲US Dollar is down 18-19 points.
-NOPA crush come in at 197.86 million bushels vs trade estimates of 186.3 million bushels.
-Soybean oil was stronger as President Trump looks to terminate Chinese used cooking oil coming into the U.S. to blend into biodiesel.
-The 6-10-day forecast, and 8-14-day forecast are calling for above normal temperatures and below normal precipitation.
-Soybean basis continues to firm up with corn basis levels mixed and corn harvest should pass the 50% complete by the end of this week.
🐂🐻Look for a choppy/mixed trade today.
Support/Resistance:
December corn – Support on December corn is at $4.10 1/2 which is the low from October 1st. Resistance is at $4.21 1/2 which is the 100-day moving average.
July corn – Support comes in at $4.41 1/2 which is the low from October 14th. Resistance comes in at $4.54 1/2 which is the 100-day moving average.
November soybeans – Support comes in at $10.02 1/2 which is the October 10th low. Resistance is at $10.29 which is the 200-day moving average.
July soybeans – Support is at $10.59 which is the October 10th low. Resistance is at $10.84 which is the 50-day moving average.
December Kansas City wheat – Initial support is at $4.77 1/4 which is the low from October 14th. Resistance comes in at $4.97 which is the 20-day moving average.
Where do we go from Here:
December corn futures are working on their 3rd higher day in a row. As December corn approaches the $4.20 area on the charts, we have the 20-day moving average sitting at $4.19 1/2 and the 100-day moving average sitting at $4.21 1/2 that will likely give us some resistance. The bigger level of resistance on the December corn chart comes up at the $4.30 area. There have been a few rumors of some corn export business getting done the past few weeks so when the Government opens back up, we might see an increase in export business out of the U.S. Look for corn to continue to trend between $4.10 and $4.30.
NOPA crush number yesterday helped give soybeans a little bump, but they ended the day mostly unchanged. The September crush number came in at 11+ million bushels higher than trade estimates. During the trade session, this pushed soybean futures up 4-5 cents, but they could not hold that strength going into the close. President Trump is also considering banning used cooking oil from China and that helped support the soybean oil market yesterday as well. November soybeans continue to hold support at $10.00 but the upside seems limited and rallies up to $10.30 will likely be found with some resistance.
Kansas City wheat futures are pretty quiet this morning with a 5-cent trading range. Wheat continues to be a follower of the corn and soybean market and there just is not a lot of new news to trade on. Fundamentals on wheat in the U.S. and across the World are heavy so wheat futures are range bound and the range is a downtrend. It will take a close for December Kansas City wheat futures above the 20-day moving average to even consider wheat might be starting to break out to the upside. Look for wheat to continue to grain sideways to lower.
Upcoming USDA Reports:
We are not expecting any USDA reports until the Government is back open.
Are you new here? Click here to subscribe and receive the newsletter in your inbox.
