November 4, 2025
At this hour:
🌽Corn market is down 1-2c,
🌱soybeans are down 6-7c,
🍞wheat is up 0-1c,
🛢️crude oil is down 98-99c,
💲US Dollar is up 11-12 points.
-It’s turn around Tuesday this morning after a higher trade on Monday.
-Weekly export inspections saw corn have another very strong week with soybeans up from last week but at the lower end of expectations. Wheat exports were right in line with trade estimates.
-Soybean spreads continue to firm as demand for U.S. soybeans picks up.
-Nearby soybeans are trading the highest level since July 23, 2024.
-December corn continues to struggle with the $4.35 to $4.37 area. Once we break through to the upside, that area will become very good support.
-Wheat futures continue to push higher as Funds seem to be bailing out of their big, short position they held.
🐂🐻Look for a lower trade today.
Support/Resistance:
December corn – Support on December corn is at $4.23 3/4 which is the 20-day moving average. Resistance is at $4.33 3/4 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 $11.35 3/4 which is the high from November 3, 2025.
July soybeans – Support is at $10.91 1/4 which is the 50-day moving average. Resistance is at $11.56 3/4 which is the high from November 3, 2025.
December Kansas City wheat – Support is at $5.05 1/2 which is the 50-day moving average. Resistance comes in at $5.58 3/4 which is the high from July 22nd.
Where do we go from Here:
Corn is starting out the day a little lower. After a 2-3c higher trade yesterday on the support from soybeans, December corn futures still could not push through to new highs on this recent move higher. The last 10-15% of corn harvest will drag along as it normally does and take a couple weeks to finish up. Strong export inspections should keep corn supported so look for corn to continue to trade between $4.25 and$4.35.
Soybean spreads were very firm yesterday as soybeans closed out the day 19-20c higher. Export inspections were on the light side this week but with the trade deal with China complete, look for inspections to pick up a little. We still have a big book of corn business to get out of the U.S. and that will make it a bit more challenging to get the soybeans out the door until after January 1. Soybeans should be well supported on breaks, and we need to be mindful to the gap left on most charts about 50-60c lower. Historically we don’t spend a lot of time trading soybean futures between $11.00 and $11.99 so traders are wondering if we are on our way to $12.00 or do we pull back to sub $11.00?
Wheat continues to find good support and buying. Wheat is mixed here this morning, but the recent rally is very impressive. With December Kansas City wheat trading above the 100-day moving average, this is an area I would think the Funds would continue to cover their short positions. Breaks in the wheat market should be supported.
Upcoming USDA Reports:
November 14, 2025 – November Crop Production Report
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