September 24, 2026
At this hour:
🌽Corn market is up 0-1c,
🌱soybeans are up 6-7c,
🍞wheat is up 0-1c
🛢️crude oil is up $1.68,
-President Trump and President Xi are set to meet today at the White House.
-The U.S. and China have agreed to extend their trade war truce by 2 months, giving a January 10th deadline.
-The Trump administration is preparing for a 90-day diesel fuel ban.
-The U.S. Dollar is back trading above 101 at 101.25 this morning.
-Weekly export sales will be out this morning. Here are the estimates courtesy of Reuters: corn 800,000-1,400,000 MT, soybeans 1,500,000-2,000,000 MT, wheat 350,000-600,000 MT and soybean meal 250,000-375.000 metric tons.
🐂🐻 Look for a choppy/mixed trade today as the trade awaits to see any developments out of the Trump/Xi meeting.
Support/Resistance:
December corn – Support on December corn is at $5.26 1/4 which is the low from September 21st. Resistance is at $5.49 3/4 which is the high from September 2nd.
March corn – Support comes in at $5.40 which is the low from September 21st. Resistance comes in at $5.64 which is the high from September 2nd.
November soybeans – Support comes in at $13.10 3/4 which is the 20-day moving average. Resistance is at $13.35 1/4 which is the high from September 11th.
March soybeans – Support is at $13.33 which is the 20-day moving average. Resistance is at $13.56 which is the high from September 17th.
December Kansas City wheat – Support is at $7.26 3/4 which is the 100-day moving average. Resistance comes in at $8.06 1/4 which is the 20-day moving average.
Where do we go from Here:
The Corn market continues to trade well within the trading range we had back on the September 11th crop report. Overall, it seems corn yields continue to be disappointing across much of the U.S. The Funds continue to hold a near record long position with a feeling that they are here for the long haul. Weather looks to be on the drier side for the eastern corn belt while the forecasts continue to look wet for the western corn belt. The U.S. weather forecast is not bearish U.S. corn prices, but the market seems to be waiting for a big announcement coming from the meeting between President Trump and President Xi. Without any new developments between the U.S. and China, I look for the corn market to consolidate between $5.00 and $5.45.
The U.S. and China agreed to extend their tariff truce by 2 months, allowing staff to continue to work on a trade deal until January 10th. This is supportive soybean prices as it will help keep the U.S. a little more competitive and allow China to get most of the 25 MMT of soybeans purchased that they agreed to. Early soybean yields across the U.S. seem to be very good and that seems to be what is limiting the upside on the soybean market today. With soybeans trading $13.20 or better and strong yields, we could see more soybeans head to town off the combine and get sold. The weather across the U.S. is causing some harvest delays and we are seeing some big pushes being paid by several processors. I look for soybeans to continue to trade between $12.90 and $13.40.
On the wheat market, headlines out of the Black Sea region have been pretty quiet. There is still no peace deal between Russia and Ukraine but the higher energy costs are causing the wheat out of the Black Sea region to become more expensive. I look for wheat to be a follower of the corn and soybean markets.
