November 3, 2025
At this hour:
🌽Corn market is up 1-2c,
🌱soybeans are up 5-6c,
🍞wheat is up 4-5c,
🛢️crude oil is up 10-11c,
💲US Dollar is up 10-11 points.
-Lance Honing of the USDA did announce there will be a USDA Crop Production report in November, but it will be delayed a few days. November 14, 2025, is the day we will get the November Crop Production report.
-China remains committed to buying at least 12 MMT of soybeans from the U.S. before the end of this calendar year. Basis levels and spreads should be firmer.
-The 6-10-day and 8-14-day forecast are still calling for above normal temperatures and slightly below normal precipitation for much of the U.S.
-Corn harvest should be on the last 10-15% this week.
🐂🐻Look for a higher trade today to start out the week.
Support/Resistance:
December corn – Support on December corn is at $4.23 1/4 which is the 20-day moving average. Resistance is at $4.37 which is the 200-day moving average.
July corn – Support comes in at $4.53 3/4 which is the 50-day moving average. Resistance comes in at $4.65 1/2 which is the 200-day moving average.
January soybeans – Support comes in at $10.63 which is the bottom side of the gap left on October 24th. Resistance is at $11.29 which is the high from July 23, 2024.
July soybeans – Support is at $10.90 1/4 which is the 50-day moving average. Resistance is at $11.83 1/2 which is the top side of the gap left on the weekly July 2025 soybean chart from May 31, 2024.
December Kansas City wheat – Support is at $5.05 1/4 which is the 50-day moving average. Resistance comes in at $5.27 1/4 which is the 100-day moving average.
Where do we go from Here:
Corn futures are starting out a little higher on the heels of soybeans pushing higher. Harvest should mostly wrap up this week and that could bring a little hedge pressure on the corn. December corn futures are still stuck in a consolidating range between $4.25 and $4.35. Demand remains very strong as we are starting to see basis levels firm up in areas of the U.S. where corn harvest is done. We will get a USDA Crop Production report in November. Traders will be anxious to see how much the USDA will lower the national corn yield. For now, I look for December corn to remain consolidating between $4.25 and $4.35 futures.
China is committed to buying 12 MMT of soybeans by the end of the calendar year. Last week after the trade deal was announced, we did see China start buying some cargos of U.S. soybeans already. Logistically we cannot ship the 12 MMT of beans out of the U.S. this calendar year so the sales will likely get put on the books with shipment to happen sometime after January 1, 2026. We continue to see the spreads firm up in the soybean market and basis levels are steady to a bit firmer.
December Kansas City wheat futures are starting out the week stronger and trading above the 100-day moving average for the first time since June 20th. The Funds had a huge, short position across all 3 wheat complexes, but the Funds have been big buyers the past couple weeks. As we trade above the 100-day moving average, this is an area we typically see Funds reduce their short position and get close to a neutral position before going long. Time will tell if the Funds decide to go long but the wheat market should be well supported going forward.
Upcoming USDA Reports:
November 14, 2025 – November Crop Production Report
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