July 23, 2026
At this hour:
🌽Corn market is up 3-4c,
🌱soybeans are up 4-5c,
🍞wheat is down 1-2,
🛢️crude oil is up $3.17-$3.18,
💲US Dollar is up 2 points
-Secretary of State Marco Rubio said that the U.S. and China are both working on boards to work on trade and investment ahead of their scheduled meeting September 28th.
-The U.S. weather continues to be a little supportive to row crop prices with continued dryness in the west.
-The Russia/Ukraine war escalation has the trade concerned over grain exports out of the Black Sea and Sea of Azov.
-After gapping higher Sunday night, corn and soybeans are still putting in new highs on this run.
-Both corn and soybeans are solidly trading above their 100-day and 200-day moving averages.
-Weekly export sales will be out this morning. Here are the estimates courtesy of Reuters: corn 800,000-1,500,000 metric tons, soybean 800,000-1,200,000 metric tons, wheat 200,000-500,000 metric tons and soybean meal 100,000-575,000 metric tons.
🐂🐻 Look for a mostly higher trade today as wheat might take a little break after a big move yesterday.
Support/Resistance:
September corn – Support on September corn is at $4.56 3/4 which is 100-day moving average. Resistance is at $4.67 3/4 which is the low from May 7th.
December corn – Support comes in at $4.70 3/4 which is the 10-day moving average. Resistance comes in at $5.00 3/4 which is the high from May 19th.
August soybeans – Support comes in at $12.10 which is the 10-day moving average. Resistance is at $12.58 1/2 which is a from May 24, 2024, on the weekly continuation chart.
November soybeans – Support is at $12.10 3/4 which is the 10-day moving average. Resistance is at $12.41 which is the contract high.
September Kansas City wheat – Support is at $7.17 which is the 10-day moving average. Resistance comes in at $7.68 1/2 which is the high from July 22nd.
Where do we go from Here:
Corn prices got their support from wheat initially yesterday but once the market started to push higher, the money came flowing into the corn market. Nearby September futures pushed above the 100-day moving average for the first time since May 29th. The weather across the U.S. still remains a bit skeptical for crop production as many feel the U.S. corn yield could get trimmed in the next USDA report. Corn futures have rallied close to 60 cents since the June 30th crop report so somewhere in here I would think corn could pull back a little. However, the trend is still up and September and December corn futures are pushing back into their trading range they had between March and May this spring.
Not much has changed for the soybean market. Crop ratings continue to run ahead of the 5-year average, but we know those conditions can change fast. The weather forecast for the first few days of August don’t see much change. The western corn belt looks to remain on the dry side as the eastern corn belt is cooler with better chances of rain. China remains active buying more new crop soybeans this week. The U.S. and China are gearing up for the President Trump and President Xi meeting on September 28th. Both sides are putting boards together to focus on trade and investment, and both sides seem to agree on making progress. This news lends a supportive hand to U.S. Ag and Ag products. The Funds continue to add to their net long position and November new crop futures are making new contract highs here this morning.
The Funds were very active in the wheat complex yesterday. Combination of the European wheat crop continuing to get lowered, outlook for the U.S. Spring wheat crop looking to be a bit smaller than earlier thoughts and the Russia/Ukraine wars escalation all helped push the Funds to get out of their net short positions and start building a net long position. We still have plenty of wheat in the World, but the Funds just don’t want to be short. The recent trend is the Funds seem to want to be long grains and exiting out of livestock. Wheat futures are down a little today, taking a breather after their impressive rally yesterday. The trend is still up in the wheat market.
