Corn
Price action: December corn rose 3 cents to $4.51 3/4, near mid-range.
Fundamental analysis: The corn futures market saw some short covering and perceived bargain-basement buying today, after prices hit a 3.5-month low on Tuesday. Gains were limited by lower wheat prices today. U.S. corn harvest is also progressing rapidly, prompting better commercial hedge selling pressure.
Traders are awaiting Thursday morning’s weekly USDA export sales report, expected to show U.S. corn sales of 1 million to 1.6 million MT for all marketing years, according to a Dow Jones Newswires survey.
World Weather Inc. today said U.S. corn harvesting should advance well overall during the next two weeks around some mostly light precipitation into Sunday that will favor western into central areas, before a more significant precipitation event Monday into Thursday of next week temporarily stalls farming activity.
Technical analysis: December corn sees prices trending down on the daily bar chart. The next upside price objective for the bulls is to close December prices above solid chart resistance at $4.75. The next downside target for the bears is closing prices below chart support at $4.40. First resistance is seen at this week’s high of $4.56 and then at $4.60. First support is seen at this week’s low of $4.48 1/2 and then at $4.45.
What to do: Get current with advised sales.
Hedgers: Hedgers should have 60% forward sold. You should have sold all of the December $4.80 puts. Remain patient for hedging opportunities for now. You should also be 10% forward-sold on 2027 crop.
Cash-only marketers: You should have 70% of expected 2026-crop production sold for harvest delivery. You should also be 10% forward-sold on 2027 crop.
Soybeans
Price action: January soybeans fell 5 cents to $12.38, near the daily low. December soybean meal rose $1.10 to $335.70, near mid-range and hit another two-month low early on. December soybean oil lost 115 points to 65.56 cents, nearer the daily low.
Fundamental analysis: The soybean market saw modest technical selling pressure today, while meal futures paused. Soybean and meal futures have seen buying interest squelched this week by the Brazilian real depreciating against the U.S. dollar-- making Brazilian beans more price-competitive versus U.S. beans on world trade markets. Beans and meal have also been pressured by commercial hedge selling as the U.S. soybean harvest is progressing rapidly. Bulls got little help today from USDA this morning reporting daily sales of 120,000 MT of U.S. soybeans to unknown destinations during the 2026-27 marketing year.
Traders are awaiting Thursday morning’s weekly USDA export sales report, expected to show U.S. soybean sales of 1.3 million to 2.8 million MT for all marketing years, according to a Dow Jones Newswires survey.
World Weather Inc. today said favorable soybean harvest weather in much of the Midwest this week will linger over the next couple of days, but rain is expected to interfere with farming activity late this week and into next week in some areas. Meantime, southern Brazil benefited from recent drying, but rain developed during the weekend and was expected to continue frequently through the next ten days. Center-west and northeastern Brazil rainfall will increase Thursday through next week but a close watch on that rain will be warranted since it may be erratic and light.
Technical analysis: January soybeans see a downtrend in place on the daily bar chart. Bulls’ next near-term upside technical objective is closing January prices above solid resistance at $13.00. The next downside price objective for the bears is closing prices below solid technical support at $12.00. First resistance is seen at this week’s high of $12.62 and then at $12.75 1/2. First support is seen at this week’s low of $12.39 and then at $12.25.
Soybean meal futures are trending down on the daily bar chart. The next upside price objective for the meal bulls is to produce a close in December futures above solid technical resistance at $350.00. The next downside price objective for the bears is closing prices below solid technical support at $325.00. First resistance comes in at Tuesday’s high of $343.00 and then at $345.50. First support is seen at today’s low of $332.50 and then at $330.00.
Bean oil sees prices trending lower on the daily bar chart. The next upside price objective for the bulls is closing December prices above solid technical resistance at the October high of 70.08 cents. Bean oil bears’ next downside technical price objective is closing prices below solid technical support at the July low of 64.63 cents. First resistance is seen at last week’s high of 67.52 cents and then at 68.00 cents. First support is seen at last week’s low of 65.55 cents and then at 65.00 cents.
What to do: Get current with advised sales.
Hedgers: You should be 65% forward sold on 2026 crop. You should have sold all November $11.60 puts, remain patient for hedging opportunities for now. Remain patient on 2027-crop sales for now.
Cash-only marketers: You should also have 75% of expected 2026-crop production sold for harvest delivery. You should also have 10% of 2027-crop forward sold.
Wheat
Price action: December SRW fell 11 1/4 cents to $5.99, nearer the daily low and hit a four-month low. December HRW fell 7 1/2 cents to $6.43, nearer the daily low and also hit a four-month low. December spring wheat futures fell 8 3/4 cents to $6.19 3/4, near the daily low.
Fundamental analysis: The winter wheat futures markets saw still more technical selling today as prices are in firm downtrends on the daily bar charts. President Trump said a meeting with Russian President Vladimir Putin and Ukrainian President Volodymyr Zelensky would happen soon. “I think with Russia, we’re making a lot of progress with Russia-Ukraine,” Trump told reporters early Wednesday, Bloomberg reported.
Traders are awaiting Thursday morning’s weekly USDA export sales report, expected to show U.S. wheat sales of 200,000 to 500,000 MT for all marketing years, according to a Dow Jones Newswires survey.
World Weather Inc. today said that in U.S. HRW country, relatively frequent precipitation will fall across the wheat region through the coming week. Soil moisture should be favorable for wheat emergence and establishment with some support for late planting. Summer crop harvesting and general fieldwork may be slowed by precipitation periodically until late next week and the following weekend when drier weather evolves. In the Northern Plains, seasonable frosts and hard freezes across the crop region will aid in defoliating crops such as sugar beets. Precipitation is expected across most of the crop region this week, which will be beneficial in supporting winter crops and gradually improving drought conditions. More rain will be needed in eastern Montana and North Dakota in particular. Some snow may be possible in northern Montana again on Tuesday, though any accumulations will melt in the afternoon hours.
Technical analysis: SRW bulls’ next upside price objective is closing December prices above solid chart resistance at $6.50. The bears’ next downside objective is closing prices below solid technical support at the June low of $5.90 1/2. First resistance is seen at today’s high of $6.14 3/4 and then at this week’s high of $6.27 1/2. First support is seen at $5.90 1/2 and then at $5.75.
HRW bulls’ next upside price objective is closing December prices above solid chart resistance at $7.00. The bears’ next downside objective is closing prices below solid technical support at the June low of $6.28. First resistance is seen at today’s high of $6.56 3/4 and then at this week’s high of $6.66 1/2. First support is seen at today’s low of $6.37 1/4 and then at $6.28.
What to Do: Get current with advised sales.
Hedgers: You should have 60% sold for 2026, with 10% forward sold for 2027-crop.
Cash-only marketers: You have 60% of expected 2026-crop production sold, with 10% forward sold for 2027-crop.
Cotton
Price action: December cotton futures rose 9 points to 78.15 cents, near mid-range and hit a three-week low.
Fundamental analysis: Cotton futures saw some tepid short covering today. Prices this week have seen a technically bearish downside price breakout from a sideways trading range. Recent losses in the grain futures market have spilled over into selling pressure in cotton futures.
Cotton traders are awaiting Thursday morning’s weekly USDA export sales report.
World Weather Inc. today said some rain will impact west Texas and southwestern Oklahoma Thursday and Friday, which may delay harvesting and could induce a little yellowing of the crop. The Delta crops have been kept in the best condition due to dryness in recent weeks. The dry bias will continue for another week but rain is possible after that. The southeastern states will also get some rain next week. Meantime, Australia planting is under way. Some timely rainfall has occurred over the past few weeks and additional showers into next week will maintain favorable soil moisture for much improved planting, emergence and establishment conditions.
Technical analysis: December cotton futures have seen a bearish downside breakout from a sideways trading range on the daily chart, also breaking a price uptrend on the daily bar chart. The next upside price objective for the cotton bulls is to produce a close in December futures above technical resistance at 82.50 cents. The next downside price objective for the cotton bears is to close prices below solid technical support at the October low of 77.05 cents. First resistance is seen at Tuesday’s high of 79.06 cents and then at this week’s high of 80.41 cents. First support is seen at 77.50 cents and then at 77.05 cents.
What to do: Get current with advised sales.
Hedgers: You are 70% sold for 2026-crop sales at this time. No sales for 2027-crop are advised at this time.
Cash-only marketers: You are 70% sold for 2026-crop sales at this time. No sales for 2027-crop are advised at this time.