September 8, 2026
At this hour:
🌽Corn market is up 2-3c,
🌱soybeans are up 1-2c,
🍞wheat is up 18-20,
🛢️crude oil is up $2.55-$2.56,
💲US Dollar is down 22 points
-Russia carried out attacks against Kyiv over the weekend, keeping the tension high in the Black Sea region.
-The U.S. and Iran exchanged some attacks on ships in the Strait of Hormuz over the weekend.
-Crude oil prices are starting out the week 2.7% higher.
-Some heavy rains moved across the Upper Midwest the past 2 days.
-The Funds are carrying a record net long position in corn and near record long in soybeans.
-Harvest pressure should ramp up this week with warm temps.
🐂🐻 Look for a choppy but mostly higher trade to start out the week.
Support/Resistance:
December corn – Support on December corn is at $5.37 1/2 which is the 10-day moving average. Resistance is at $5.49 3/4 which is the high from September 2nd.
March corn – Support comes in at $5.52 1/4 which is the 10-day moving average. Resistance comes in at $5.64 which is the high from September 2nd.
November soybeans – Support comes in at $12.91 1/4 which is the 10-day moving average. Resistance is at $13.24 which is the high from September 2nd.
March soybeans – Support is at $13.11 1/2 which is the 10-day moving average. Resistance is at $13.43 3/4 which is the high from September 2nd.
December Kansas City wheat – Support is at $7.89 1/4 which is the 20-day moving average. Resistance comes in at $8.58 1/4 which is the high from September 2nd.
Where do we go from Here:
Corn market is starting out the week a little higher. Tensions in the Black Sea region continue to stay elevated as Russia carried out attacks on Kyiv over the weekend, pushing up wheat prices this morning. That strength is spilling over into the corn market as the entire Black Sea and Sea of Azov continue to stay offline from putting more grain into the Global market. Russia and Ukraine are still shipping out grain but about 35% of the grain they ship goes through them 2 seas. Harvest is ramping up and the Funds are now carrying a record net long positions in the corn market. Yields so far on the corn crop have been all over the place but we should get a much better sample this week as more farmers will get rolling. Combination of the record Fund length, harvest ramping up and the USDA Crop Production report out Friday, I look for corn prices to be choppy and consolidate here this week.
Soybean prices are a little higher this morning but caught in the crosswinds a little with soybean oil higher on the coattails of crude oil being higher but soybean meal is lower. The Funds are near a record long position, holding a net long of 241,183 contracts in soybeans of last Tuesday. Harvest is moving northward and we should see that pick-up steam by the end of the week. So far, the yields we have seen or heard about are about as expected which is a great crop in the U.S. China was pretty active buying beans from the U.S. last week and I would look for them to continue to be active. President Trump and President Xi are scheduled to meet September 24th in the U.S. Much like the corn market, I look for soybeans to be choppy here this week with harvest pressure picking up.
Sunday night, Russia carried out attacks on Kyiv and that helped push the wheat market 18-20 cents higher. The odds of any peace deal anytime soon are getting lower and lower by the day. After a correction in the Kansas City wheat futures last week, December Kansas City wheat is looking to head back to test those recent highs. As long as Russia and Ukraine continue to carry out attacks on each other, that will keep a significant portion of their crops off the Global market. I look for wheat prices to head back up and test the recent highs.
