August 26, 2026
At this hour:
🌽Corn market is up 5-6c,
🌱soybeans are up 3-4c,
🍞wheat is up 12-14,
🛢️crude oil is down $2.31-$2.32,
💲US Dollar is up 7 points
-China continues to buy new crop soybeans from the U.S. with another flash sale announced yesterday.
-Tensions between Russia and Ukraine continue to flare up in light of them taking a diplomatic approach to stopping the strikes.
-The Funds continue to be buyers of U.S. grain, adding to their net long position.
-Russia is looking to extend their export tax on diesel fuel.
🐂🐻 Look for a higher trade for Wednesday.
Support/Resistance:
September corn – Support on September corn is at $4.77 which is the 10-day moving average. Resistance is at $5.04 1/2 which is the high from the week of February 21, 2025.
December corn – Support comes in at $5.01 which is the 10-day moving average. Resistance comes in at $5.24 1/2 which is the high from August 24th.
September soybeans – Support comes in at $12.08 3/4 which is the 10-day moving average. Resistance is at $12.43 which is the high from July 24th.
November soybeans – Support is at $12.22 1/2 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 $7.32 1/2 which is the 20-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 trend is still up. The Funds continue to add to their net long position. The money keeps pouring into U.S. grain prices as traders continue to be worried about this year’s crop and the tightening balance sheet. The corn market is definitely overbought in here and due for a correction. December corn futures have rallied over 70 cents in 11 trading days. But the pullbacks we get are very shallow and hard to even call a pullback. Today it feels like the market is pricing in national corn yield in the 178-179 bushel per acre area. With a yield at 178 bushels per acre, that leaves us with a carryout of around 1.4 billion bushels. That suggests to me we eventually have higher prices to come to curb the demand. The trend is up but don’t be surprised if we would get a pullback here soon.
China bought another cargo of new crop soybeans from the U.S. helping add support to a bean market that on its own would probably pullback. Lately the corn and the wheat markets have been pulling the soybeans higher. The soybean market is not all that bearish, but it does feel like the U.S. soybean crop is getting a touch bigger so a correction would be justified. Long-term though, the demand structure in the U.S. and across the World is strong for global soybeans. We still have the El Nino weather pattern in place and that looks to intensify as we get close to South America’s planting window. So, look for soybeans to be a follower of corn and wheat but any pullback should be well supported.
The Black Sea region remains a mess. There are rumors that Russia and Ukraine are trying to work together but it doesn’t look like there will be any agreements anytime soon. Or at least the big money is suggesting that. September Kansas City wheat is back up testing their contracts highs so we could see a little resistance here soon.
