November 6, 2025
At this hour:
🌽Corn market is down 2-3c,
🌱soybeans are down 9-11c,
🍞wheat is down 7-8c,
🛢️crude oil is up 39-40c,
💲US Dollar is down 28 points.
🎓Trivia for Today: Yesterday the US government shutdown reached its longest furlough in history. When was the first government shutdown for the US? First one to respond to jburks@agmarket.net will receive some AGM swag.
-January Soybeans made new highs for the move, $11.37, based on news that China had suspended reciprocal tariffs. Soybean meal led the way with regained strength.
-Corn, beans, and wheat moved higher Wednesday. Wheat continues to make new highs, rumors of China buying US wheat, Chicago wheat is leading the way. SRW December contract has rallied over 60 cents since Oct 15th.
-Ethanol average daily production reached an all-time high this last week at 1.123 million barrels. That’s using 111.84 million bushels of corn. Ethanol stocks rose 1.3% from last week.
-Metals were higher Wed. Gold up $11.9, Silver .73, Platinum $11.9, Palladium 29.6
-The U.S. Dollar is back trading over 100 and poked through the 200-day moving average, Wednesday it used the 200 dma as support. Combination of higher U.S. Dollar and the soybean rally is making the U.S. uncompetitive in the soybean market across the globe, even after the reciprocal tariffs were removed by China.
🐂🐻Every single cattle contract was limit down 📉 on Wednesday feeders down-$9.25 and Live cattle contracts were limit down -$7.25. No bovine trading at the close. Today will be back to the expanded limits (feeders $13.75 live cattle $10.75). Expect extreme volatility throughout the day. Trade with caution.
Support/Resistance:
December corn – Support on December corn is at $4.24 3/4 which is the 20-day moving average, The last 4 closes have been slightly above the 10-dma. Resistance is at $4.36 1/2 which is the 200-day moving average.
July corn – Support comes in at $4.52 which is the 50-day moving average. Short term 10-day moving average comes in at $4.60. 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. Short-term support at $1107 the 10-day moving average. Resistance is at $11.37 which is the high from November 4, 2025.
July soybeans – Support is at $10.92 1/4 which is the 50-day moving average. Resistance is at $11.59 which is the high from November 4, 2025.
December Kansas City wheat – Support is at $5.06 1/2 which is the 50-day moving average. Resistance comes in at $5.58 3/4 which is the high from July 22nd.
Click Here to check out our Technical Video from Wednesday with Brian Splitt
Where do we go from Here:
Corn is lower to start out the day, the 200 dma proves to be tough resistance. The trade deals that were highly anticipated between China and the US had very little to do with corn but the action we have seen across the entire grain complex has been impressive. This can be mostly attributed to the money flow into the grains. The corn demand has been very strong. We continue to get export inspections, and they have continued on a hot pace. November 14 will be an interesting day where a lot of anticipated data will be revealed from the USDA. It will be nice to get the government back to providing weekly reports we have become used to.
Soybean futures are creating quiet a seesaw pattern this week. Since the trade talks with China the January soybeans have had only one day that didn’t close with either a gain or loss in double digits. I believe Cory was right with his anticipation of consolidation in the coming weeks, but it could be volatile while going nowhere. There has been much appreciation of price in a short amount of time with not much guaranteed demand coming. I think this shows how powerful money flow is and how discouraging it is not to be able to track it.
Wheat futures are lower to start out the day. December Kansas City and Chicago wheat have found some comfort above the 100 dma. For some time wheat has been the follow in the grain sector. This last week we finally got some fundamenatl news that was supportive with China purchasing wheat from the US. We have to remember China is a bargain hunter
Have you tried MyFarm? Click here to take a no obligation Free Trial of MyFarm!
We’re here to help. Call any of our hedging strategists at 844-4AG-MRKT.
