September 21, 2026
At this hour:
🌽Corn market is up 5c,
🌱soybeans are up 6-7c,
🍞wheat is up 8c
🛢️crude oil is down $3.30,
-President Trump & Xi scheduled to meet Thursday
-COT data showed funds are still holding record long position in corn
-continued areas are getting heavy rain, delaying harvest
🐂🐻 Look for a higher to mixed trade
Support/Resistance:
December corn – Support on December corn is at $5.23 which is the low we saw last Friday. Resistance is at $5.49 3/4 which is the high from September 2nd.
March corn – Support comes in at $5.38 which is the low we saw last Friday. Resistance comes in at $5.64 which is the high from September 2nd.
November soybeans – Support comes in at $12.93 which is the 20-day moving average. Resistance is at $13.33 1/2 which is the high from September 10th.
March soybeans – Support is at $13.16 which is the 20-day moving average. Resistance is at $13.54 which is the high from September 10th.
December Kansas City wheat – Support is at $7.82 which is the low from September 14th. Resistance comes in at $8.58 1/4 which is the high from September 2nd.
Where do we go from Here:
parts of the corn belt saw heavy rainfall last week/this weekend with Iowa & Northern Illinois getting very saturated. If you’re outside that area I would expect a big jump in harvest progress as long as mother nature cooperates.
CFTC data showed funds technically increase their record long position in corn – the net long position of 414,460 contracts eclipses last weeks record by 1 contract. Funds were net sellers of soybeans bringing the net long to 242k contracts which is still in extremely long territory. Funds were net sellers of wheat across the board.
Corn/Soybeans/Wheat are up over the weekend after posting a lower trade Friday. I still look for a market to chop around like we did last week until we get a headline or technical indicator to move the market. maybe the Xi/Trump meeting is the catalyst we need. Treasury Secretary Bessent and a Chinese official met yesterday to discuss summit topics and all reports is meeting went fine. Alot on the table to discuss but in Agriculture we’re looking for an affirmation that China continues to honor the 25 MMT soybean purchase commitment and confirmations that they will purchase the additional $17 Billion that was discussed this summer. We continue to see China buy soybeans with Flash sales popping up last week. China stepping in to buy corn/wheat would be a great bullish headline.
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