October 23, 2025
At this hour:
🌽Corn market is up 1-2c,
🌱soybeans are up 3-4c,
🍞wheat is up 1-2c,
🛢️crude oil is up $3.27-$3.28,
💲US Dollar is up 17-18 points.
-Crude oil higher as the U.S. imposed sanctions on Russia’s two largest oil producers.
-Corn and soybean bull spreads were working well yesterday as commercials/processors try to secure some bushels.
-Soybean basis continues to firm up most places while corn basis levels feel soft.
-President Trump is taking credit for the high beef prices and suggested cattle producers need to get their prices down.
-Weather forecasts are still calling for above normal temperatures and slightly above normal precipitation for the northern part of the U.S.
🐂🐻Look for a higher trade today.
Support/Resistance:
December corn – Support on December corn is at $4.18 which is the 50-day moving average. Resistance is at $4.31 1/4 which is the high from September 16th.
July corn – Support comes in at $4.50 1/2 which is the 50-day moving average. Resistance comes in at $4.53 1/2 which is the 100-day moving average.
November soybeans – Support comes in at $10.01 which is the October 14th low. Resistance is at $10.52 3/4 which is the high from September 17th.
July soybeans – Support is at $10.69 1/4 which is the 200-day moving average. Resistance is at $11.09 1/2 which is the high from September 17th.
December Kansas City wheat – Initial support is at $4.77 1/4 which is the low from October 14th. Resistance comes in at $4.92 1/4 which is the 20-day moving average.
Where do we go from Here:
December corn futures finally eclipsed the $4.25 level this morning but are still struggling. Stronger crude oil prices are lending support to corn this morning. Yesterday we saw the bull spreads really working in the corn complex. Harvest should be down to the last 25% by the end of this week so I would look for some hedge pressure as the space on the farm fills up and bushels need to go to town. December corn is stuck trading between $4.10 and $4.30.
November soybeans are working on their 4th day in a row trading above the major moving averages. Soybean harvest is all but over and yesterday we saw the spreads firm up. Processors are looking for soybeans, but the farmer has them tucked away in the bin or are finishing up corn harvest. Basis levels on soybeans continues to firm up. Soybean meal has seen a nice rally the past 6 trading sessions as the Funds look to be getting out of some of their big, short position in the meal. December soybean meal is running into a little resistance here this morning, and after rallying $17/ton, probably due for a little correction. Look for November soybeans to continue to trade between $10.00 and $10.40.
December Kansas City wheat had an inside trade yesterday after putting in a new low for the week on Tuesday. Now this morning, December Kansas City wheat is trading above yesterday’s high and starting to form a potential low. Last week’s low of $4.77 has held up so far this week as we put in a higher low so far. Now the key will be is to get above the 20-day moving average at $4.92 1/2 and take out last week’s high of $4.94 1/2. If December Kansas City wheat can accomplish that this week, we might have a low in place.
Upcoming USDA Reports:
We are not expecting any USDA reports until the Government is back open.
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