September 5, 2025
At this hour:
🌽Corn market is up 1-2c,
🌱soybeans are up 1-2c,
🍞wheat is up 1-3c,
🛢️crude oil is down 16-17,
💲US Dollar is down 36-37 points.
-California Senate passed a bill allowing the sale of E15. California is the last State to approve E15.
-Corn held support at the 50-day moving average and soybeans tested and held the 200-day moving average.
-All 3 wheat complexes made fresh new lows yesterday.
-the 6-10-day forecast looks to bring warmer temps back to the western corn belt with above normal moistures for the west as well.
-Weekly export sales will be out this morning. Here are the estimates: corn 700,000-2,200,000 metric tons, soybeans 300,000-1,500,000 metric tons, wheat 300,000-700,000 metric tons and soybean meal 100,000-400,000 metric tons.
🐂🐻Look for a mostly higher trade today.
Support/Resistance:
December corn – Support on December corn is at $4.09 1/4 which is the 20-day moving average. Resistance is at $4.32 3/4 which is a gap we left from July 7th.
July corn – Support comes in at $4.44 which is the 20-day moving average. Resistance comes in at $4.61 1/2 which is the 100-day moving average.
November soybeans – Support comes in at $10.26 1/2 which is the 200-day moving average. Resistance is at $10.62 3/4 which is the high from August 22nd.
July soybeans – Support is at $10.61 which is the 200-day moving average. Resistance is at $11.13 1/2 which is the high from June 20th.
December Kansas City wheat – Initial support is at $5.06 3/4 which is the low from August 28th. Resistance comes in at $5.21 1/2 which is the 20-day moving average.
Where do we go from Here:
Corn futures spent most of the day lower yesterday but managed to close out the day session higher. New out of California that the California Senat passed a bill allowing the sale of E15 helped give corn a boost. There are some rumors floating around that is what helped the market rally late last week so now we finally got the confirmation. December corn futures tested the 50-day moving average and held and are higher this morning. Yields continue to come in below expectations and that seems to have the market well supports and looking like our fall low was put in back on August 12th. We still should see a lot of cash corn move to town at harvest with soybeans getting put into space so that should keep a lid on the corn market until we get more actual harvest data.
Soybean futures were much like the corn market yesterday. They spent most of the day lower but got a boost from corn and closed out the day higher. November soybeans pushed below the 200-day moving average but managed to close above support. Harvest is still a week or 2 away for most of the U.S. on soybeans and unlike corn, the crop potential for soybeans still feels pretty good. So, as soybeans struggle with a yield that is likely to come down a little causing tighter supply in the U.S., we still struggle that we have not sold a bushel of soybeans to China, which 1 year ago, we had 250 million bushels on the books to China. Look for November soybeans to continue to grind sideways between $10.25 and $10.70.
After posting fresh new contract lows yesterday for all 3 wheat complexes, wheat futures are trying to stabilize here today. Wheat on its own cannot sustain a rally so until corn moves higher, wheat will stay under pressure. The lower prices should help make the U.S. more competitive in the World market but it seems like the U.S. will have a cheapest wheat for a short time until other countries come in and undercut us. Look for wheat to stabilize and work on a bottom here soon.
Upcoming USDA Reports:
September 8, 2025 – Weekly Crop Progress Report
September 12, 2025 – USDA Crop Production
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