September 26, 2025
At this hour:
🌽Corn market is down 1-2c,
🌱soybeans are down 1-2c,
🍞wheat is down 1-2c,
🛢️crude oil is down 28-30c,
💲US Dollar is down 13-14 points.
-Strong export sales in corn and wheat yesterday while soybeans were at the very low end.
-Record export sales on the books so far this year with 1.014 billion bushels already booked. This represents a 75% increase year over year.
-The 6-10-day forecast is calling for above normal temps across most of the U.S. and some precipitation for the Midwest while the eastern part of the U.S. stays dry. The 8-14-day forecast is calling for above normal temps and normal precipitation.
-Corn and soybeans are consolidating here this morning as traders are getting ready for the USDA Grain Stocks report out on Tuesday.
🐂🐻Look for a mixed to lower trade today as we close out the week.
Support/Resistance:
December corn – Support on December corn is at $4.23 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 $4.56 1/4 which is the 20-day moving average. Resistance comes in at $4.67 which is the 200-day moving average.
November soybeans – Support comes in at $9.98 1/4 which is the July 14th low. Resistance is at $10.62 3/4 which is the high from August 22nd.
July soybeans – Support is at $10.64 3/4 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 $5.01 3/4 which is the low from September 4th. Resistance comes in at $5.11 1/2 which is the 20-day moving average.
Where do we go from Here:
Corn futures are quiet here this morning. Harvest is ramping up, and it should be a big weekend of harvest for both corn and soybeans across the entire U.S. Argentina has reached their quota of grain sold to generate $7 billion USD, so their export duties are back on. Export sales were very strong yet again this week and year to date the U.S. has over 1 billion bushels of corn on the books for this marketing year and that is a record for this time. The USDA annul projection is to sell 2.975 billion bushels of corn this marketing year, so we still have a daunting task, but we are well on our way. Look for corn to continue to find support under $4.20 December futures and resistance as December futures push towards $4.30.
November soybeans have been consolidating here the past 3 days and so far, today have only had a 5-6 cent trading range. Typically, this time of the year we have 45% of our annual export projections on the books but so far, we only have 25% of our export sales projection. Secretary of Ag Rollins is working with The White House on a farm aid package. More government payment suggest we might not be close to a trade deal with China. It will be a big weekend of soybean harvest across the U.S. Yields continue to come in as expected. November soybeans seem to find support under $10.10, but as we approach $10.20, we find resistance.
December Kansas City wheat futures continue to struggle with the 20-day moving average. Solid export sales yesterday helped push wheat futures higher, but our rallies are limited and only last 1-2 days here lately. One positive note on December Kansas City wheat is we put in a low on Monday of this week and since then, put in higher lows the rest of the week. This suggests wheat futures could be finally forming a bottom. Now, the upside will be limited but the risk to the downside seems to also be limited at this time.
Upcoming USDA Reports:
September 29, 2025 – Weekly Crop Progress
September 30, 2025 – Grain Stocks Report
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