September 29, 2026
At this hour:
🌽Corn market is down 5-6c,
🌱soybeans are down 20-21c,
🍞wheat is down 2-3c
🛢️crude oil is up $3.85,
-WTI Crude oil down 30-40c to start out the day.
-Weekly Crop Progress saw ratings on corn and soybeans unchanged for the week.
-Corn and soybean harvest came in at 17% and 18% complete vs expectations of 20%. Bot crops are still at or ahead of average harvest pace.
-Weahter remains wet in the western part of the U.S. this week, pumping the brakes on harvest while the eastern part of the U.S.
🐂🐻 Look for a choppy/mixed trade for Tuesday.
Support/Resistance:
December corn – Support on December corn is at $5.06 which is the 50-day moving average. Resistance is at $5.30 1/4 which is the 10-day moving average.
March corn – Support comes in at $5.21 1/4 which is the 50-day moving average. Resistance comes in at $5.44 1/4 which is the 10-day moving average.
November soybeans – Support comes in at $12.55 which is the 50-day moving average. Resistance is at $13.12 3/4 which is the 10-day moving average.
March soybeans – Support is at $12.75 1/2 which is the low from September 14th. Resistance is at $13.36 3/4 which is the 10-day moving average.
December Kansas City wheat – Support is at $7.27 1/2 which is the 100-day moving average. Resistance comes in at $7.73 1/2 which is the 10-day moving average.
Where do we go from Here:
December corn futures closed below support yesterday at $5.26. There still is a gap below the market around $5.09 that could be a focus area. Tomorrow morning, we will get the USDA Quarterly Grain Stocks report at 11:00 AM central. Will the USDA find more or less stocks as of September 1? Past history typically suggests we see a negative report as far as price action for corn futures in the September 30th Grain Stocks report. On the charts, we are seeing the 50-day moving average and the $5.09 gap area start to come together. This could be a target area where the Funds could step in and support the corn market. Harvest is plugging away and overall, yields seem to be a bit disappointing.
Soybean prices are pretty quiet here this morning after being down 30+ cents yesterday. China leaving the 10% reciprocal tariff on U.S. soybeans keeps the U.S. uncompetitive for the private sector in China. However, domestic demand here in the U.S. and exports picking back up this marketing year, we are still a bit tight on soybean stocks. The big question will be is what will the U.S. end up with a national soybean yield? Soybean yields continue to come in above expectations with about 17% of the harvest complete. Next week should be a big week for soybean harvest across the U.S. I don’t expect any surprises on the soybean stocks tomorrow in the Quarterly Grain Stocks report. So, without any fresh bullish news, I look for soybean prices to drift sideways to lower.
For the wheat market, there just has not been much fresh new news. The southern wheat plains in the U.S. have been getting some much-needed rains, prompting more farmers to consider planting for winter wheat acres this fall. With potentially more winter wheat acres this fall, will that lead to less corn and/or sorghum acres in the southern wheat plains next spring?
