August 31, 2026
At this hour:
🌽Corn market is up 0-1c,
🌱soybeans are down 2-3c,
🍞wheat is down 9-11,
🛢️crude oil is up $2.95-$2.96,
💲US Dollar is down 17 points
-Crude oil prices are higher as the U.S. is carrying out strikes against Iran overnight.
-President Trump as struck a deal with Venezuela to purchase 65 billion barrels oil to help re-fill the strategic oil reserves.
-U.S. weather for the next 2 weeks looks to heat up across the U.S. causing concern we may push the crop too fast at the end.
-As of last Tuesday, the Funds are net long about 376,000 corn contracts and about 198,000 soybean contracts.
🐂🐻 Look for a mixed trade to start out the week.
Support/Resistance:
September corn – Support on September corn is at $4.94 which is the 10-day moving average. Resistance is at $5.17 which is the high from August 26th.
December corn – Support comes in at $5.18 which is the 10-day moving average. Resistance comes in at $5.41 1/4 which is the high from August 28th.
September soybeans – Support comes in at $12.38 which is the 10-day moving average. Resistance is at $12.78 1/4 which is the high from August 28th.
November soybeans – Support is at $12.49 1/2 which is the 10-day moving average. Resistance is at $12.90 which is the high from August 28th.
September Kansas City wheat – Support is at $7.93 which is the 10-day moving average. Resistance comes in at $8.52 which is the high from August 28th.
Where do we go from Here:
Corn prices are pretty quiet here this morning especially compared to what we have been seeing the past 2-3 weeks. The Funds have built a rather large net long position as of last Tuesday and with the action we saw to close out the week, many traders are thinking the Funds could be getting close to a record net long as of last Friday. The Fundamentals still remain the same with strong demand and tight balance sheets so it will boil down to the size of the U.S. corn crop. The weather across much of the U.S. looks to heat up the next 2-weeks so there is a little concern that we may push this crop too fast at the end of its life cycle. Harvest in the south will keep ramping up and pushing north. Without much fresh news to trade on, we could see the corn market take a slight step back this week all while keeping the uptrend intact.
Soybean prices are starting out the week a little lower along with the soy products. After a month of good rains across most of the corn belt, the market has a general feel that the U.S. soybean crop is a little bigger than the estimate from USDA in August. The weather looks to turn hot for the next 2-weeks and that should help speed up the dry down and push harvest a little sooner. The Funds are estimated to be long about 198,000 contracts as of last Tuesday. With soybean harvest fast approaching and at the highest prices we have seen in over 2-years, we could see a lot of soybeans just get hauled to town and cashed in. This could limit our upside here in the short term but in the long term we still have strong demand and a U.S. and World balance sheet that is getting tighter.
News over the weekend was pretty quiet out of the Black Sea region. The Ukraine Ag minister said that the attacks from Russia has caused significant damage to Ukraine’s ports, and they are not sure when they will get them back up and functioning. Short term, this is friendly to U.S. grain prices. The big question is when will the Black Sea be able to ship grain out on a regular basis? Wheat prices are lower here today but if tension flare up between Russia and Ukraine, wheat will likely head back higher.
