July 20, 2026
At this hour:
🌽Corn market is up 4-5c,
🌱soybeans are up 13-14c,
🍞wheat is up 1-2,
🛢️crude oil is down $0.58-$0.59,
💲US Dollar is up 4 points
-The U.S./Iran conflict escalated late last week. In response the U.S. hit Iran with strikes for the 9th straight day in a row.
-The U.S. weather is a mixed bag. Cooler temps across much of the U.S. but we remain dry. Early look into August weather looks to be on the dry side to start.
-December corn and November soybean futures gapped higher last night and November soybeans putting in a new contract high.
-Hot and dry conditions persist in Europe lowering their corn and wheat crops.
-Soybean oil is getting support from dryness in Indonesia which is supporting palm oil futures.
🐂🐻 Look for a higher trade to start out this week.
Support/Resistance:
September corn – Support on September corn is at $4.41 1/4 which is 10-day moving average. Resistance is at $4.52 3/4 which is the 200-day moving average.
December corn – Support comes in at $4.63 which is the 10-day moving average. Resistance comes in at $4.73 1/4 which is the 100-day moving average.
August soybeans – Support comes in at $11.96 1/2 which is the 10-day moving average. Resistance is at $12.31 which is the contract high from March 12th.
November soybeans – Support is at $11.96 1/4 which is the 10-day moving average. Resistance is at $12.14 which is the contract high from May 13th.
September Kansas City wheat – Support is at $6.87 which is the 10-day moving average. Resistance comes in at $7.58 3/4 which is the high from May 19th.
Where do we go from Here:
Corn prices are starting out higher for the week. The heat across the U.S. this past week stayed mostly in the northwest part of the corn-belt but much of the U.S. remains on the dry side. The eastern corn belt caught some good rains while the western part of the corn belt just had some scattered rains. Crop conditions could see a slight downtick this week with the heat putting stress on the crop while pollination is taking place. December corn futures continue to find resistance in the $4.75 area as that is close to the 62% retracement of the $5.06 1/2 to $4.25 3/4 selloff. If the December corn can’t break through and close above the $4.75 here soon, we could see a correction all while keeping the uptrend intact. The Funds continue to add to their long position, but it seems like they are doing it at a slower pace. This should keep prices well support going through this week.
Soybean prices gapped higher last night, and the November contract is putting in new contract highs on this move. As we are getting closer to August the weather forecasts are initially looking a bit dry to start out the month. I have said several times, we have very little room for error in producing this soybean crop. After a week of hot and mostly dry conditions last week, we might see weekly crop conditions dip a little. There is also talk of drought conditions in Indonesia that is affecting their palm oil crop so that is helping add support to the oil complex. Funds remain long and are adding to their long positions as we start out the week.
Wheat futures are quiet here to start out the week. After putting in a new high for this recent rally, we are finding a little selling. Markets just cannot go straight up. Kansas City wheat futures have rallied over $1.30 in just 13 trading days so we are due for a correction. We are running out of fresh bullish news in the wheat complex. If corn and soybeans would stall out here, I think wheat would be the first market to pull back.
