December 2, 2025
At this hour:
🌽Corn market is down 0-1c,
🌱soybeans are up 2-3c,
🍞wheat is down 2-3c,
🛢️crude oil is down $0.13-$0.14,
💲US Dollar is up .08-.09
-Exports inspections come in at 1.421 MMT on corn which was above expectation while soybean inspections were at low end coming in at 920,000 MT.
-Argentia weather looks to get some beneficial rains, but forecasts are still calling for La Nina to set up in December.
-Corn basis levels at the Gulf continue to improve while the PNW is a bit weaker.
-Dr. Michael Cordonnier took his corn and soybean crop estimate down for Brazil this week.
🐂🐻 Look for a mixed trade here today.
Support/Resistance:
March corn – Support on December corn is at $4.36 1/4 which is the 100-day moving average. Resistance is at $4.48 1/4 which is the 200-day moving average.
July corn – Support comes in at $4.52 which is the 100-day moving average. Resistance comes in at $4.63 which is the 200-day moving average.
January soybeans – Support comes in at $11.13 1/4 which is the November 21st low. Resistance is at $11.69 1/4 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.
March Kansas City wheat – Support is at $5.19 1/2 which is the November 21st low. Resistance comes in at $5.36 3/4 which is the 100-day moving average.
Where do we go from Here:
Corn futures are very quiet here today. Weekly export inspections were above trade estimates yesterday and the weekly export sales “catch up” report from October 23rd come out yesterday and also showed a very strong week of export sales. March futures tested the 200-day moving average yesterday and failed. For the past 45 days or so, March corn futures have been trading between the 100-day and the 200-day moving average. The market is or has already priced in the strong export numbers. There continues to be chatter about the U.S. corn yield getting lowered in January but if that happens, there is good odds the USDA can or will lower feed demand and demand for ethanol. Look for March corn to trade between $4.35 and $4.50.
Weekly export inspections were a bit disappointing this week on soybeans. Bloomberg put out a report that China could still meet their goal of buying 12 MMT of soybeans from the U.S. by the end of the year and that seems to be giving the bean market a little boost here this morning. Yesterday’s price action was disappointing for the Bulls as we took out last week’s high but closed the day lower. Crop estimates in Brazil are getting lowered by a few analysts, but it is very early in the growing season but something we will watch closely. January soybean futures seem content to trend sideways between $11.15 and $11.35.
March Kansas City wheat futures are lower here today. From the $4.96 3/4 low back on October 14th, March Kansas City wheat rallied up to $5.53 1/4. Since that rally, March Kansas City wheat futures have sold off to a recent low of $5.19 1/4 which is exactly 62% retracement and now seem to be consolidating. As wheat futures approach the $5.50 area, U.S. wheat becomes uncompetitive, so we run out of steam to the upside. I would look for March Kansas City wheat futures to consolidate here and chop around the $5.20 area.
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