October 29, 2025
At this hour:
🌽Corn market is down 0-1c,
🌱soybeans are down 5-6c,
🍞wheat is mixed,
🛢️crude oil is up 4-5c,
💲US Dollar is up 18-19 points.
-FOMC meeting will wrap up today. Will the Fed cut interest rates another 25 basis points?
-Corn and soybeans are pulling back a little today after corn has rallied 10c this week so far and soybeans have been up close to 30c.
-The 6-10-day forecast look for above normal temperatures and below normal precipitation, and the 8-14-day forecast is much above normal temperatures and normal precipitation with above normal precipitation for the northern part of the U.S.
-December corn futures filled a gap at $4.32 3/4 yesterday that was left from July 3rd.
-December corn futures failed to close above the $4.36-$4.36 resistance. November soybeans found resistance as they start to approach the $11.00 area.
-First notice day for November soybeans is Friday October 31st.
🐂🐻Look for mixed to lower trade today.
Support/Resistance:
December corn – Support on December corn is at $4.20 which is the 100-day moving average. Resistance is at $4.37 which is the 200-day moving average.
July corn – Support comes in at $4.53 which is the 100-day moving average. Resistance comes in at $4.65 3/4 which is the 200-day moving average.
November soybeans – Support comes in at $10.31 1/2 which is the 50-day moving average. Resistance is at $11.04 1/4 which is the high from September 30, 2024.
July soybeans – Support is at $10.88 which is the 50-day moving average. Resistance is at $11.36 which is the high from October 28th.
December Kansas City wheat – Support is at $4.95 1/4 which is the 20-day moving average. Resistance comes in at $5.28 1/2 which is the 100-day moving average.
Where do we go from Here:
December corn futures filled the gap at $4.32 3/4 that was left from July 3rd. The whole $4.35-$4.36 area is going to be a tough area to get through as that was our area of support this past spring and early summer that we kept bouncing off of. A pullback in December corn futures would not be out of line. We have a few moving averages all converging in the $4.20 area and that seems like it could be an area we might test. Breaks in the corn market should be well supported as demand remains very good and where harvest is wrapped up, we are seeing basis levels start to narrow up.
President Trump and President Xi will meet in person tomorrow. Now they are meeting in South Korea which is 12 hours ahead of us on time so if they meet Thursday morning, we might or could see a volatile market tonight. The question on everyone’s mind is how many bushels China will actually buy from the U.S. Like most other trade deals I don’t know if we get the specific answers right away. The market has already built in some of the uptick in demand from the U.S. with China coming back into buying our beans, but odds suggest the USDA will still need to reduce their export number on their balance sheet. There is a gap down at $10.45 1/2 on the November chart that we need to be mindful of as we move forward.
December Kansas City wheat is starting to run into some resistance up at the 100-day moving average. It has been an impressive 41c rally in December Kansas City wheat that now has a confirmed low in place. Getting above the 100-day moving average would see the Funds to cover more of their short positions. With a low in place, I would look for wheat to trend sideways between $5.00 and $5.25 and be more of a follower of corn and soybeans again.
Upcoming USDA Reports:
We are not expecting any USDA reports until the Government is back open.
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