November 7, 2025
At this hour:
🌽Corn market is down 1-2c,
🌱soybeans are up 3-4c,
🍞wheat is down 1-2c,
🛢️crude oil is up 65-40c,
💲US Dollar is up 4 points.
🎓Trivia for Today: What year did the US corn production eclipse 10 billion? Reply to jburks@agmarket.net with your answer. Thanks for the replies Thursday: November 1981 was the answer.
-Soybeans led the entire grain complex lower on Thursday. Soybeans Nov -$0.28, Jan -$0.27, Soybean Meal -$12.1, Corn Dec -$0.065
-The selling in the soybean market started early in the session on Wednesday evening and continued throughout the day session on Thursday. The negativity was present without any fundamental news hitting the wires. It has most analyst wondering if the trade deal with China needs to be inked before the market puts anymore premium towards it.
-Late U.S. harvest weather and South American planting conditions generally look favorable.
-The Supreme court heard arguments regarding the legality of President Trump using tariffs in the way he implemented them. Their deliberation could last weeks or even until the end of their term. It is likely the President will continue to use tariffs in the same manner.
-The U.S. Dollar was lower, Stock market mildly lower, Mixed in the metals, Crude oil lower, Heating Oil (diesel) quietly has approached contract highs
🐂🐻Boring day in the cattle, no limit moves! There was plenty of volatility as the feeder cattle had over a $10 trading range and was $4-$5 lower at the close. The live cattle had back and forth day and settled $1-$2 lower. Expect extreme volatility throughout the day. Trade with caution.
Support/Resistance:
December corn – Support on December corn is at $4.25 which is the 20-day moving average. Closed below the 10 dma. Resistance is at $4.36 which is the 200-day moving average.
July corn – Support comes in at $4.525 which is the 50-day moving average. Closed below the 10 dma Resistance comes in at $4.65 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 held at $11.07 the 10 dma. 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. The 10 dma at $11.375 held so far. 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 starting the day slightly lower. Corn isn’t used to playing the third wheel but continues as most news events are directly related soybean market direction. Yields continue to come in mixed as harvest begins to wrap up and farmers are busy turning in yield reports. The WASDE report will be highly anticipated wondering if the hotspots in MN and SD will be able to keep a record yield in play. Tight global supplies remain and we are only a weather hiccup from seeing higher opportunities. Stay flexible. Many questions this week regarding 2026 as field work rolls, Gas getting applied, and planting cost becoming reality. It’s not too early to address.
Soybean futures are 8 cents off their overnight high, but still 4 cents higher at this time. Easy come easy go in the soybean market on Thursday. Friday would be a guess of 10+ higher close if the pattern continues, but as we know patterns eventually die. The retaliatory tariffs were removed by China but the 13% tariff on soybeans remain, and we remain noncompetitive to Brazil. Weather has been a non issue at this point and South American planting has been relatively benign to the market.
Wheat futures are slightly lower to start out the day. Buy the rumor and sell the fact is a term used when the market rallies on the headline and sells off as you “read the article.” China bought wheat and we rallied only to sell off as the amount of the purchase has so far been disappointing. Not to forget, the overall encompassing mood of the market was SELL! We need to continue to see funds find value in the wheat market at these levels.
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