August 27, 2025
At this hour:
🌽Corn market is down 1-2c,
🌱soybeans are up 2-3c,
🍞wheat is down 1-3c,
🛢️crude oil is down 2-4c,
💲US Dollar is up 41-42 points.
-Talk of China’s top trade negotiator coming to the U.S. helped support soybeans yesterday.
-August weather continues to be one of the driest on records for much of the U.S.
-The U.S. agreed to exempt Indonesian palm oil from the 19% tariffs.
-Corn harvest is starting to pick up steam across Kentucky and southern Illinois.
-Soybean basis levels continue to be in the tank while corn basis levels are mixed across the U.S.
🐂🐻Look for a mixed trade today.
Support/Resistance:
September corn – Support on September corn is at $3.83 1/2 which is the 20-day moving average. Resistance is at $3.96 1/4 which is the high from August 1st.
December corn – Support comes in at $4.06 which is the 20-day moving average. Resistance comes in at $4.16 which is the high from August 1st.
September soybeans – Support comes in at $10.17 which is the 100-day moving average. Resistance is at $10.50 which is the high from July 3rd.
November soybeans – Support is at $10.26 1/4 which is the 200-day moving average. Resistance is at $10.74 1/4 which is the high from June 20th.
September Kansas City wheat – Initial support is at $4.96 which is the low from August 20th. Resistance comes in at $5.09 1/4 which is the 20-day moving average.
Where do we go from Here:
Corn futures are a little lower here today. After a 24c+ rally the past 2-weeks, corn futures are getting a correction. Nearby September futures should find support at the 20-day moving average which is at $3.83 1/2. If September corn futures do not hold that support, then we could see the futures slip down to test support at $3.78. Harvest is starting to roll in the southern part of the corn belt. So far, we are seeing mixed harvest results. There seems to be a big discrepancy between fields guys sprayed fungicide on and those that did not get sprayed. Fields that did not get sprayed are drying down fast and seeing a significant yield loss. I look for corn to see a small correction here and then trend sideways.
The soybean market had a little fire under it yesterday as talks of China’s top trade negotiator was set to some to the U.S. to continue trade talks. If was found out that nothing significant would be getting done so the beans settled well off their highs. August weather will be one of the driest on record across much of the U.S., so traders are wondering just how good are those soybean yields going to be? The cooler temps will help but ultimately, we need the rain. Bean oil futures were under pressure as the U.S. exempted Indonesian palm oil imports from the 19% tariffs and that weighed on bean futures as well. Overall, soybeans should have good support around $10.25 November futures, but rallies seem to be limited to $10.60-$10.70.
As the corn market drifts lower, the wheat market drifts lower making fresh new lows here this morning. September Kansas City wheat futures are back trading to their lowest level since October 2020. Winter wheat harvest is wrapped up in the U.S. and the spring wheat crop should be wrapped up in the next 7-10 days. We have plenty of wheat supplies in the U.S. and even though the World supplies are tight, the market is content that we will not run out of wheat in the World.
Upcoming USDA Reports:
September 2, 2025 – Weekly Crop Progress Report
September 8, 2025 – Weekly Crop Progress Report
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