July 24, 2026
At this hour:
🌽Corn market is up 1-2c,
🌱soybeans are up 6-7c,
🍞wheat is up 8-10,
🛢️crude oil is down $3.20-$3.21,
💲US Dollar is down 8 points
-The U.S./Iran conflict continues to escalate. Strikes by the U.S. for the 13th straight night were carried out. The U.S. said Iran will pay for damages to ships and cargoes through the funds the U.S. controls.
-Wheat prices are pushing higher as concern mounts over Europe’s crop getting smaller and Russia being sidelined to export much wheat in the near term.
-Weather models continue to be in agreement. Heat will hit the upper plains this weekend and into next week and dry while the eastern corn belt is cooler with scattered rains.
-Early August weather looks to continue the same trend.
-Weekly export sales out yesterday saw another strong week for corn and soybeans while wheat was at the low end of estimates.
🐂🐻 Look for a mostly higher trade today but we might see a little selling towards to close as we head into the weekend.
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 $4.73 3/4 which is the 100-day moving average. Resistance comes in at $5.00 3/4 which is the high from May 19th.
August soybeans – Support comes in at $12.15 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 $12.16 1/2 which is the 10-day moving average. Resistance is at $12.49 1/2 which is the contract high.
September Kansas City wheat – Support is at $7.26 1/4 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 are a couple cents higher here this morning. Catching a little support from the wheat pit, lately it seems corn market can’t go lower. Corn prices will act a little sluggish early in the trade but by the close they end up solidly higher. With corn well above the 100-day and 200-day moving average the Funds are likely adding to their long position and adding on any weakness. There has been a fair amount of farmer hedging on this rally especially in the eastern corn belt. The weather continues to show very hot and dry conditions for the upper plains this weekend and into next week. Traders will be anxious to see how much crop ratings will drop next week. Overall, it is Friday and we are heading into the weekend. I would not be surprised if we see the market pullback a little going into the close ahead of the weekend. We all know if the weather models were to change over the weekend and turn cooler and wetter, odds are good we could start out next week lower. The trend is still up in corn, and I look for breaks to be well supported.
For the soybeans it is another new day and another new contract high for November soybean futures. We still have a gap on the chart from last Sunday that we need to be aware of, but the market is focused on one thing and that is trading higher. Weekly export sales were really strong this week as all of the new sales to China were added. The U.S. and China are making progress and getting ready for the meeting between President Trump and President Xi in late September. The Funds will continue to hold and defend their long position. Traders just cannot get too comfortable with the U.S. soybean crop until we see how the August weather plays out. I have said it several times, just a 1 bushel per acre yield drop will make domestic supplies very tight in the U.S. The weather looks to be on the dryer side to begin August, so the market is adding in some weather premium. Just like corn, I look for soybeans to be well supported on breaks.
Wheat prices took yesterday off and closed 3-4 cents lower in the Kansas City futures. Wheat futures have had an impressive move here the past 3 weeks or so rallying more than $1.60. The question on every trader’s mind is how long Russia and Ukraine will stay offline and get back to full export capacity? This is a delicate situation. The 2 countries could agree to a ceasefire and resume exporting anytime. The 2 countries could continue to attack each other’s ports for several months. No one knows so wheat will remain volatile. The higher prices continue to make the U.S. less competitive so I look for our exports to slow up and could lead the USDA to lower our export projection in future report. For now, the trend is up and the Fund are wanting to add to thier long position.
