October 28, 2025
At this hour:
🌽Corn market is up 1-2c,
🌱soybeans are up 9-10c,
🍞wheat is up 3-4c,
🛢️crude oil is down 93-94c,
💲US Dollar is down 11-12 points.
-November soybeans trading the highest level in over a year.
-Corn and soybeans strength carries over into Tuesday as President Trump and President Xi get ready to sign a trade deal later this week.
-December corn futures got close to filling the gap we left from July 3rd. $4.32 3/4 fills the gap.
-Weekly export inspections were a bit disappointing this week with all 3 grains at the low end of expectations.
🐂🐻Look for another higher trade today.
Support/Resistance:
December corn – Support on December corn is at $4.20 which is the 100-day moving average. Resistance is at $4.32 3/4 which is the gap left from July 3rd.
July corn – Support comes in at $4.53 1/4 which is the 100-day moving average. Resistance comes in at $4.64 1/4 which is the high from September 17th.
November soybeans – Support comes in at $10.27 1/4 which is the 100-day moving average. Resistance is at $10.75 3/4 which is the high from February 4th.
July soybeans – Support is at $10.87 1/4 which is the 50-day moving average. Resistance is at $11.21 which is the high from October 27th.
December Kansas City wheat – Support is at $4.94 which is the 20-day moving average. Resistance comes in at $5.23 3/4 which is the high from September 16th.
Where do we go from Here:
The corn market has been more of a follower the past 2 days. Harvest is on the downhill slide and harvest pressure is picking up as the last few bushels are coming to town. The December/March corn spread has weakened the past couple trade days as space is getting tight. December corn futures got within 1/4c this morning of filling a gap left from July 3rd. We have a lot of resistance in the $4.32-$4.35 area that I would expect the market to test but fail given where we are at with corn harvest. Demand is still very strong as breaks on corn should be supported. I look for corn to trade between $4.20-$4.35 in the near term.
Soybeans are carrying over the strength from yesterday into Tuesday’s trade. The Funds seem to be getting out of their short positions and could easily be long but with the Government still shutdown we are not getting the Commitment of Traders report. November soybeans are up trading to the highest level in over a year. The optimism is high on how many soybeans China will buy from the U.S. There is some speculation that China may not buy as many beans from the U.S. as traders would like this marketing year since they have a lot of their needs already covered. Odds suggest they could get back to their normal purchases in the 2026-2027 marketing year. Time will tell if this is a “buy the rumor, sell the fact” rally but producers should use this opportunity to manage their risk.
December Kansas City wheat is working on its 5th higher trade in a row. Yesterday December Kansas City wheat closed above the 50-day moving average for the first time since June 23rd. The next area of resistance is the $5.24 high from September 17th and then the 100-day moving average comes in at $5.29. I would not be surprised if we would see December Kansas City wheat pull back a little, test the 50-day moving average, before pushing back higher. With a confirmed low in place at $4.77 1/4, breaks in December Kansas City wheat should be supported.
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.
