October 30, 2025
At this hour:
🌽Corn market is down 5-6c,
🌱soybeans are down 20-21c,
🍞wheat is down 10-12c,
🛢️crude oil is down 39-40c,
💲US Dollar is down 5-6 points.
-President Trump and President Trump Xi met a few hours ago and signed off on a trade deal between the U.S. and China.
-President Trump said China will immediately start buying massive amounts of soybeans from the U.S. There were 1-3 cargos of soybeans sold to China announced yesterday.
-President Trump has instructed the Department of War to start testing nuclear weapons on an equal basis with Russia and China.
-Trade deal between the U.S. and China regarding rare earth metals and fentanyl is a 1-year agreement and the 2 will meet again in the future.
-The Fed did lower interest rates yesterday by 25 basis points.
-First notice day for November soybeans is tomorrow.
🐂🐻Look for mixed to lower trade today.
Support/Resistance:
December corn – Support on December corn is at $4.22 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 1/2 which is the 200-day moving average.
November soybeans – Support comes in at $10.45 1/2 which is the bottom side of the gap left on October 24th. Resistance is at $11.04 1/4 which is the high from September 30, 2024.
July soybeans – Support is at $10.88 1/4 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 $4.96 which is the 20-day moving average. Resistance comes in at $5.28 which is the 100-day moving average.
Where do we go from Here:
December corn futures are working on an outside day lower. Corn continues to struggle with this $4.35 area as harvest looks to wrap up over the next 7-10 days. Corn seems to be more of a follower of soybeans here lately and with soybeans pushing lower, corn is following suit. December corn futures did hit the 200-day moving average in the overnight trade and backed off from there. If we do get a correction in corn futures, I would look for a test of the $4.20-$4.22 area as good support.
The trade deal between the U.S. and China is complete. We are still waiting on specifications of how much in agriculture products China is set to buy from the U.S., but we did have 1 cargo of soybeans sold to China announced yesterday with talk of 2 others. I think the key take away from the trade deal is the deal between the U.S. and China regarding rare earth metals and fentanyl is they agreed to a 1-year deal. I believe trader were looking for more of a long-term agreement, but it is still progress. This seems like more of a buy the rumor, sell the fact rally as soybeans are 18-20 cents lower here this morning. There are still plenty of soybeans in the U.S. and World and consider November soybeans have rallied 90c off their low of 10.01 just a little over 2 weeks ago. There is a gap down between $10.45 1/2 and $10.52 1/4 that we need to be mindful of and could be an area we find support going forward.
December Kansas City wheat is simply following soybeans here this morning. We now have a triple top in place at $5.25 with the 100-day moving average just above at $5.28. On a correction here in December Kansas City wheat, I would look for good support to surface around the $5.00 to $5.05 area.
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.
