July 27, 2026
At this hour:
🌽Corn market is down 13-14c,
🌱soybeans are down 34-35c,
🍞wheat is down 7-8,
🛢️crude oil is down 6.91-$6.92,
💲US Dollar is down 21 points
-The U.S. and Iran have entered a temporary pause over the weekend from any new attacks.
-Crude oil is down over 8% this morning.
-The U.S. weather models are looking a little wetter and the heat to break for much of the corn belt.
-Crop ratings this week will probably remain mostly unchanged from last week.
-FOMC will kick off meetings this week with their interest rate announcement on Wednesday.
🐂🐻 Look for a lower trade to start out this last week of July.
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.
1/4August soybeans – Support comes in at $12.17 1/4 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 $12.19 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 $7.31 which is the 10-day moving average. Resistance comes in at $7.77 1/2 which is the high from July 24th.
Where do we go from Here:
Energy prices under pressure and better-looking forecasts for rain has grain prices under a lot of pressure to start out this week. The U.S. and Iran have a temporary halt to new strikes as the 2 countries try to work out a peace deal yet again. Weather over the weekend brought some hot temps to parts of the corn belt but there were some rains that snuck through as well. Now the extended forecast models are looking to bring in more chances of rain while the heat will break early this week. Weekly crop condition scores this week might be mostly unchanged from last week. Parts of the western corn belt saw conditions worsen while the eastern corn belt saw them get a little better. My guess is we might see conditions drop 1% in the “good/excellent” category. Keep a close eye on the weather maps. If they turn back warm and dry again, prices should see a rebound. For now, this is a correction and the trend is still up.
For the soybeans, August will be here this weekend and now we are starting to see the forecast models put in a little more rain and cooler temps. So, the market is taking a little risk out of the market for now, but we still have a long way to go to get through August. Crude oil is down 8% and that is pressuring the soybean oil market as well adding a little more pressure to the soybean market. Will China be actively buying soybeans this week on this break or will they be patient. If we see China buy some more new crop beans this week, that could support our soybean prices. Energy prices will be ties at the hip to the U.S./Iran situation. They both agreed to halt new strikes, but the situation is still escalated while they try and work together on a peace deal. I have my doubts Iran will agree to anything and stick to their word but for now, they are working towards a peace deal, and we are seeing money flow exit the grain complex.
Wheat prices are hanging in here the best to start out the week. We still have issues with the European wheat crop getting smaller and Russia & Ukraine limited on exporting much if any commodities. Wheat is following the corn and soybean market and pushing lower but only down single digits. September Kansas City wheat is still holding above support at the 10-day moving average.
