November 24, 2025
At this hour:
🌽Corn market is down 2-3c,
🌱soybeans are down 3-4c,
🍞wheat is down 4-5c,
🛢️crude oil is down $.26-$.27,
💲US Dollar is down .07-.08
-Quiet weekend across the World has grains starting out the week a touch lower.
-Shortened trade week this week with the markets closed Thursday for Thanksgiving holiday and an early close on Friday.
-USDA and the CFTC continue to work on catching up our weekly export sales reports and COT report to get them up to date. Look for those reports to be currently the middle of January.
-December corn futures trading below the 50-day moving average with support at the 100-day moving average at $4.19 1/2.
-January soybeans look to hold support at $11.20 today as that market looks to trend sideways.
-Export inspections will be released out at 10:00 am CST here this morning. Look for another strong corn number.
🐂🐻 Look for a lower trade to start out the week.
Support/Resistance:
December corn – Support on December corn is at $4.19 1/2 which is the 100-day moving average. Resistance is at $4.42 3/4 which is the high form November 14th.
July corn – Support comes in at $4.50 3/4 which is the October 22nd low. Resistance comes in at $4.70 1/4 which is the high from November 14th.
January soybeans – Support comes in at $11.13 1/4 which is the November 21st low. Resistance is at $11.69 1/2 which is the high from November 18, 2025.
July soybeans – Support is at $11.39 3/4 which is the November 21st low. Resistance is at $11.81 1/2 which is the high from November 18, 2025.
December Kansas City wheat – Support is at $5.08 which is the 50-day moving average. Resistance comes in at $5.40 which is the high from November 5th.
Where do we go from Here:
Corn futures are working on their 4th lower trade in a row. This $4.20-$4.22 area should be good support on December corn futures. The 100-day moving average as at $4.19 1/2 and a 62% retracement of the $4.09 1/4 to $4.42 3/4 rally is $4.22. With December corn options expired and First Notice Day approaching this week, December corn needs to hold support in the $4.20 area. A close below $4.20 should push corn futures down to support at $4.09-$4.10. Corn exports continue to be very strong and basis levels are starting to firm up in most areas across the U.S. I would expect some buying to surface as December corn tests the $4.20 level.
Soybean futures are trying to stabilize after a 56c selloff last week. January soybeans found support at $11.13 and are holding that support so far today. China was pretty active last week buying U.S. soybeans and working on their commitment of purchasing 12 MMT of soybeans from the U.S. by the end of the year. If China is to hold to that commitment, we should see another active week of Chinese soybean purchases. Crush demand for U.S. soybeans also continues to run very strong but with the recent added crush capacity with the new plants on board now, soybean crush was expected to increase. Overall, soybeans got a little over bought last week and so far, this correction looks to be just that, a correction.
Just when you think the wheat market is getting ready to breakout to the upside, we get a selloff. Wheat futures have been getting support as the Funds are buying back some of their huge, short positions. After a 60+ cent rally, wheat futures are pulling back. Looking at the December Kansas City chart, from the $4.77 1/4 low to the $5.40 high, a 62% retracement of that rally puts support at $5.01, an area we are looking to test here early this week. In the big picture, I feel the downside is limited in wheat but any rally of 20-30c or more is quickly sold as the U.S. wheat gets uncompetitive real fast.
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