February 24, 2026
At this hour:
🌽Corn market is up 0-1c,
🌱soybeans are down 3-4c,
🍞wheat is down 1-4c,
🛢️crude oil is down $0.03-$0.05,
💲US Dollar is up 16 points
-Another strong week of corn export inspections, coming in above 2 mmt and above trade estimates. This was the 2nd highest week of export inspections this marketing year.
-Soybean export inspections were below trade estimates, and the wheat export inspections were above trade estimates.
-Dry weather concerns for the winter wheat in the eastern part of the U.S. and the southern plains look to ease up a bit with moisture in the forecast.
-Tensions between the U.S. and Iran are still elevated.
-No major issues with South America as they continue to progress on soybean harvest and planting of the safrinha corn crop.
-If you are going to Commodity Classic, stop by booth #3363 and say Hi. I will be down there this week.
🐂🐻 Look for a mixed trade today.
Support/Resistance:
March corn – Support on March corn is at $4.17 3/4 which is the January 13th low. Resistance is at $4.36 1/4 which is the low from January 5th.
July corn – Support comes in at $4.33 1/2 which is the January 16th low. Resistance comes in at $4.50 3/4 which is the low from January 5th.
March soybeans – Support comes in at $11.33 which is the 10-day moving average. Resistance is at $11.48 1/4 which is the high from February 20th.
July soybeans – Support is at $11.61 which is the 10-day moving average. Resistance is at $11.75 which is the high from February 20th.
March Kansas City wheat – Support is at $5.51 which is the 10-day moving average. Resistance comes in at $5.78 1/2 which is the high from February 20th.
Where do we go from Here:
March corn futures pushed back up above $4.30 yesterday as the export inspections come in at the 2nd highest week this marketing year. However, as the soybean complex began to slip lower, that pulled the corn futures lower. The U.S. remains the cheapest corn in the World, but we are starting to get some competitive prices out of Ukraine. Corn basis levels remain firm in the eastern corn belt while the western corn belt is weak. Farmer selling seems to be keeping a lid on prices, so March corn continues to trade between $4.25 and $4.35.
Yesterday felt like the Funds were buyers on soybeans and other grains in the morning and once they got their quota filled, the buying stopped and the hedging pressure pushed us lower into the close. The fundamentals have not changed but the Funds feel like they want to continue to add to their long position going into the spring. Why do the funds want to be long with a record World carryout? I don’t have that answer but with them being long, that should provide some good support for the soybean prices. Weekly export inspections were below trade estimates and that is something we could see going forward. Brazil is still considerably cheaper on beans that the U.S.
The drier forecast allowed the funds to cover some of their big-short position in wheat over the past 2 weeks but now the forecasts are calling for some beneficial moisture, so wheat is looking to pullback here a bit. March Kansas City wheat still remains above the 200-day moving average so I would look for some support or buying to surface as we head down and test the $5.46 level.
