November 5, 2025
At this hour:
🌽Corn market is up 0-1c,
🌱soybeans are up 7-8c,
🍞wheat is down 1-2c,
🛢️crude oil is up 28-29c,
💲US Dollar is up 1-2 points.
-Bangladesh has agreed to buy $1 billion in U.S. soybeans this year. That is 3 times more than they purchased in 2024.
-Corn and soybeans are gaining back part of what they lost yesterday.
-Weather in the U.S. is a non-event. South America is right in line with their 5-year avg planting pace on soybeans. Some dryness concerns are popping up but limited at this time.
-January soybeans have rallied $1.11 over the past 2 weeks.
-The U.S. Dollar is back trading over 100. Combination of higher U.S. Dollar and the soybean rally is making the U.S. uncompetitive in the soybean market across the globe.
🐂🐻Look for a choppy/mixed trade today.
Support/Resistance:
December corn – Support on December corn is at $4.24 1/4 which is the 20-day moving average. Resistance is at $4.36 1/2 which is the 200-day moving average.
July corn – Support comes in at $4.54 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 $10.92 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 $5.06 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 slightly higher to start out the day. The past 7-10 days the corn market has been more of a follower of soybeans. Traders are patiently waiting to see what the USDA will do with corn yields across the U.S. on November 14th. If December corn futures can get above the 200-day moving average and above this $4.37 level, we will have real good support at $4.35. The corn market feels content to consolidate until we get some fresh data from the USDA on November 14th to trade on.
Soybean futures are gaining back most of what they lost yesterday. So far, we have had an inside day of trading as traders are struggling with the fact that January soybeans have rallied over $1.10 in the past 2 weeks and the U.S. Dollar is back trading over 100, making the U.S. uncompetitive. Bangladesh announced it will buy $1 billion in soybeans from the U.S. this year, more than 3 times what they purchased in 2024. Spreads are firm here today after a break yesterday. I could see the soybean market start to consolidate here a bit as we await the USDA Crop Production report on November 14th.
Wheat futures are a little lower to start out the day. December Kansas City wheat continues to trade above the 100-day moving average as the Funds continue to buy back some of their short positions. Stronger U.S Dollar is not helping the wheat market but with the size of Fund position they had on the short side, we could see more buying surface anytime.
Upcoming USDA Reports:
November 14, 2025 – November Crop Production Report
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