September 2, 2026
At this hour:
🌽Corn market is down 7-8c,
🌱soybeans are down 13-14c,
🍞wheat is down 14-15,
🛢️crude oil is up $0.27-$0.28,
💲US Dollar is up 15 points
-Russia is suspending export duties until the end of the year, putting pressure on the wheat market.
-Energy prices are quiet today after the U.S. carried out retaliatory against Iran.
-December corn and November soybean put in a new high overnight but are threatening of closing below yesterday’s low setting up a potential outside day lower.
-U.S. weather looks to remain very hot for the next 7-10 days, pushing harvest along quicker than we thought.
-China continues to buy new crop soybeans from the U.S.
-Rumors are floating around the Funds are at a new record long in both corn and soybeans.
🐂🐻 Look for a lower trade for Wednesday.
Support/Resistance:
December corn – Support on December corn is at $5.28 which is the 10-day moving average. Resistance is at $5.47 3/4 which is the high from September 1st.
March corn – Support comes in at $5.42 1/2 which is the 10-day moving average. Resistance comes in at $5.62 which is the high from September 1st.
November soybeans – Support comes in at $12.67 which is the 10-day moving average. Resistance is at $13.20 1/2 which is the high from September 1st.
March soybeans – Support is at $12.87 which is the 10-day moving average. Resistance is at $13.39 3/4 which is the high from September 1st.
December Kansas City wheat – Support is at $8.07 3/4 which is the 10-day moving average. Resistance comes in at $8.56 3/4 which is the high from September 1st.
Where do we go from Here:
Corn prices are pulling back here today. This is a market that is way over bought and due for a correction. The past 2 trading days the corn market has acted like it wants to pull back but soybeans and wheat have been pulling them higher. Harvest is quickly approaching and soon we will start to get some solid field data to get a feel on the size of this year’s crop. The key item I will be watching here today in the markets is December corn futures put in a new high overnight. They are currently trading lower setting up a potential outside day lower which would signal a near term high is in place. The corn market should still stay well supported on breaks and the bigger uptrend is still intact. The Funds are rumored to be at a record net long positions so a combination of that and harvest pressure, it makes sense we could see a correction.
Soybean prices are taking back about half of what they grained yesterday. Soybeans were fueled yesterday by the EPA’s reallocation announcement on Monday gaining close to 30 cents. November soybeans put in a higher high in the overnight and are now lower, so they are working on an outside day lower trade which would suggest a correction is coming. So far, the past few weeks we have seen corrections like this start out the day only to see they rally back by the close. Harvest pressure is also starting to pick up, and I still think the soybean crop has gotten a bit bigger through the month of August. I look for soybeans to have a hard time bouncing back here today and that we could see a little more selling pickup all while keeping the longer-term uptrend intact.
Wheat prices are starting out lower here today. Russia and Ukraine continue to attack each other’s ports as the fighting continues. Russia did announce they will be cutting their export duties through the end of the year but how many bushels will get shipped through the Black Sea? Just like corn and soybeans, the wheat market is overbought and due for a correction and we will see if that correction starts today.
