August 24, 2026
At this hour:
🌽Corn market is up 12-13c,
🌱soybeans are down 2-3c,
🍞wheat is up 9-10,
🛢️crude oil is down $1.97-$1.98,
💲US Dollar is up 18 points
-Pro Farmer wrapped up their tour last Friday. Their projected national corn yield is at 173.2 bushels per acre on corn and soybeans at 53.3 bushels per acre.
-U.S. weather looks to be mostly dry and a bit cooler this week before more rain for the Midwest shows up next week.
-Trade flow through the Strait of Hormuz seems to be picking up as the U.S. still has their blockade in place.
-CFTC report on Friday show the Funds are net long about 250,505 contracts of corn and 151,662 contracts of soybeans as of last Tuesday.
-December corn futures put in a new contract high in the overnight, trading up to $5.22 1/4.
-Crude oil is down over 2% to start out the week.
🐂🐻 Look for a mixed trade today with corn and wheat higher and soybeans lower.
Support/Resistance:
September corn – Support on September corn is at $4.66 1/4 which is the 10-day moving average. Resistance is at $4.92 which is the high from May 5th.
December corn – Support comes in at $4.90 1/2 which is the 10-day moving average. Resistance comes in at $5.09 which is the high from August 21st.
September soybeans – Support comes in at $11.95 1/2 which is the 10-day moving average. Resistance is at $12.43 which is the high from July 24th.
November soybeans – Support is at $12.11 1/4 which is the 10-day moving average. Resistance is at $12.56 1/2 which is the high from July 24th.
September Kansas City wheat – Support is at $7.43 1/4 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:
The money flow is back chasing the corn, and the wheat markets this morning. Last Friday after the close, Pro Farmer released their national corn yield coming in at a shocking 173.2 bushels per acre. When we look back at history, there is a tendency for the USDA to follow the direction of what Pro Farmer finds in its annual crop tour leading to the ideas that the U.S. national corn yield could easily be sub 180 bushels per acre. The market is starting to talk a stock to use ration sub 10% so that simply means corn prices need to rally high enough to curb demand. The Funds as of last Tuesday were long right at 250,000 contracts and are probably closer to 280,000 contracts long to close out last week. The trend is still up, and corn should be well supported. Keep an eye on weekly export sales. If they start to slip week over week, that will be a sign we are getting a bit too high.
In the soybeans, Pro Farmer released their national yield estimate of 53.3, which is higher than everyone expected. Recent weather should help back up those predictions as the month of August has been pretty good for soybean production. So, the soybean market is trying to pull back here to start out the week. China was active buying more new crop soybeans last week. We still have a very strong demand outlook for U.S. soybeans, and we are still dealing with the Super El Nino that could have an impact on South American crops. Soybean prices might pull back a little, but I would expect them to find support on any break back around $12.00 November futures. The Funds were reported to be long a little over 150,000 contracts last Tuesday and going home on Friday, there was talk Funds might be closer to long 200,000 contracts. Soybeans on their own would see a pullback but if corn and wheat keep pushing higher, soybeans will get drug along.
Wheat market remains a follower of the corn market. The Black Sea still remains shut down so there is a pile of wheat that will not be hitting the Global market anytime soon. September Kansas City wheat futures are back testing their highs from the middle of July. We might see a little resistance as they try to take out those highs, but I don’t think will see too much of a correction if they fail to make new highs on this run.
