Corn producers: Initiate 2027-28 crop sales... December 2027 corn futures are trading above $5.30, the highest price in nearby futures in three years, offering an opportunity to lock in revenue at relatively high prices. We advise cash only marketers and hedgers to initiate corn sales totaling 10% of expected 2027-28 production. Cash only marketers should be 70% forward sold on the 2026 crop while hedgers should be 60% covered.
Soybean producers: Initiate 2027-28 crop sales... Soybean futures broke to fresh multi-year highs and November 2027 futures are trading well above the $12.00 mark. While the market could continue to work higher, historically high prices offer an opportunity to lock in revenue. We advise cash only marketers to initiate sales on 10% of expected 2027 production. Cash only marketers should be 75% sold on expected 2026 production, while hedgers have 65% of expected 2026 production covered.
Corn
Price action: December corn rose 13 cents to $5.36 1/2, near the daily high and hit a contract high and a three-year high, basis nearby futures.
Fundamental analysis: The corn futures market bulls are off to the races this week, with bulls stepping in aggressively to buy any intra-day price pullbacks. The charts remain firmly bullish. Also, new reports today that Russian President Putin said peace talks with Ukraine are at a dead-end rallied wheat futures markets sharply, which spilled over into better buying interest in corn.
Corn traders are looking forward to Thursday morning’s weekly USDA export sales report, expected to show U.S. corn sales of 800,000 to 1.6 million MT in all marketing years, according to a Dow Jones Newswires survey.
World Weather Inc. today said warming is expected in the U.S. Midwest along with scattered showers over the next two weeks. Overall drier weather will benefit a few of the areas of the Corn Belt that have excessive moisture Meantime, Western Europe crops are expecting some much-needed rain later this week into next week. Any rain that falls will not reverse the damage from summer drought, but it should help curb the declining trend. Dryness will continue in the Balkan Countries and areas east through Ukraine to Russia’s southern region. Other areas in Europe have a better chance for getting a little more rain in the coming 10 days.
Technical analysis: Corn market bulls have the strong overall near-term technical advantage and gained still more power today. Monday’s gap-higher trade on the daily chart appears to be a “breakaway” gap that suggestsstill-higher prices to come. Prices are in a steep uptrend on the daily bar chart. The next upside price objective for the bulls is to close December prices above solid chart resistance at $5.50. The next downside target for the bears is closing prices below chart support at $5.09—the bottom of the aforementioned price gap. First resistance is seen at $5.40 and then at $5.45. First support is seen at $5.25 and then at today’s low of $5.21 1/4.
What to do: Get current with advised sales.
Hedgers: You should be 100% priced in the cash market on 2025-crop. Hedgers should have 60% forward sold. You should have sold all of the December $4.80 puts. Remain patient for hedging opportunities for now. NEW ADVICE: Hedgers sell 10% of expected 2027 production at $5.33 or better basis December futures to begin 2027-28 sales.
Cash-only marketers: You should be 100% priced in the cash market on 2025-crop. You should also have 70% of expected 2026-crop production sold for harvest delivery.
Soybeans
Price action: November soybeans rose 28 1/4 cents to $12.66, near the daily high and hit a contract high. December soybean meal rose $10.10 to $339.30, near the daily high and hit a nine-month high. December soybean oil fell 4 points to 67.74 cents, nearer the daily high.
Fundamental analysis: The soybean and meal futures saw a burst of technical buying today and were also lifted by sharp gains in corn and wheat prices, partly on news that Russian President Putin indicated his war with Ukraine will escalate as peace talks are at a dead-end. Also price-friendly, USDA this morning reported daily sales of 333,000 MT of U.S. soybeans to China during 2026-27.
The American Soybean Association on Tuesday raised the alarm over reports the U.S. government may issue far more small refinery waivers than expected for the 2025 Renewable Fuel Standard (RFS) year.
Soybean traders are looking forward to Thursday morning’s weekly USDA export sales report, expected to show U.S. soybean sales of 1.1 million to 3.1 million MT in all marketing years, according to a Dow Jones Newswires survey.
World Weather Inc. today said that in the Midwest regular rounds of showers will occur through the next two weeks, with the northern Midwest wettest overall while the southern Midwest sees rain that is too infrequent and light to prevent net drying, which will be welcome in the wetter areas where conditions for crop maturation improve. Most soybeans in the northwestern Corn Belt will benefit from rain during the next two weeks and some small increases in yields are likely but with the rain too late for a major boost in production.
Technical analysis: The next near-term upside technical objective for the soybean bulls is closing November 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 $12.65 and then at $12.75. First support is seen at $12.40 and then at today’s low of $12.32.
Soybean meal sees a price uptrend in place 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 the November 2025 high of $342.30. The next downside price objective for the bears is closing prices below solid technical support at $320.00. First resistance comes in at $340.00 and then at $345.00. First support is seen at $330.00 and then at today’s low of $328.00.
Bean oil sees the next upside price objective for the bean oil bulls is closing December prices above solid technical resistance at the August high of 71.69 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 68.00 cents and then at 69.00 cents. First support is seen at this week’s low of 66.51 cents and then at 66.00 cents.
What to do: Get current with advised sales.
Hedgers: You should be 100% priced in the cash market on the 2025 crop. 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. NEW ADVICE – Hedgers sell 10% of expected 2027 production at $12.25 or better basis November futures to begin 2027-28 sales.
Cash-only marketers: You should be 100% priced in the cash market on 2025-crop. You should also have 75% of expected 2026-crop production sold for harvest delivery.
Wheat
Price action: December SRW rose the daily trading limit of 45 cents to $7.48 1/4 and soared to a contract high. Trading limits expand to 70 cents on Thursday. December HRW gained 38 cents to $8.08 3/4, near the daily high and hit a contract high. December spring wheat rose 28 cents to $7.48.
Fundamental analysis: The wheat futures markets today were boosted by the news just before midday that Russian President Putin said peace talks with Ukraine are at a dead-end and that Russia will escalate its war with Ukraine. Ongoing grain supply disruptions out of the Black Sea region continue and the situation may now get worse.
European Union soft wheat exports in the 2026-27 season that began in July totaled 2.38 MMT by August 23, up 1.48 MMT from the previous week, but down 33% year-over-year, according to European Commission data.
Wheat traders are looking forward to Thursday morning’s weekly USDA export sales report, expected to show U.S. wheat sales of 200,000 to 550,000 MT in all marketing years, according to a Dow Jones Newswires survey.
World weather today said good harvest weather has been occurring in the northern U.S. Plains and Pacific Northwest. Most other U.S. wheat harvesting is complete. Planting of 2027 wheat in the southwestern U.S. Plains should begin soon but rain and cooler temperatures must fall first before planting begins, even in some of the irrigated fields. Some relief recently has impacted a part of both Canada’s late spring wheat and barley crops as well as in a few northern U.S. Plains locations. The rain has not restored soil moisture to normal but enough may have occurred to help late filling crops and grain quality. Meantime, too much rain has been falling in parts of Russia’s New Lands possibly raising the potential for wet weather disease in a minor production region. The wet bias is expected to prevail for the next 10 days. Rain is needed in southern Russia and Ukraine to support late-spring crops and to improve planting and emergence conditions for winter crops. Cold temperatures Friday through Monday in the New Lands may bring some frost to spring wheat areas.
Technical analysis: Price uptrends are in place on the daily bar charts for SRW and HRW, and both markets today pushed above stiff resistance levels, to suggest still more price upside. SRW bulls’ next upside price objective is closing December prices above solid chart resistance at $8.00. The bears’ next downside objective is closing prices below solid technical support at this week’s low of $6.85. First resistance is seen at $7.60 and then at $7.75. First support is seen at $7.28 1/4 and then at $7.18.
HRW bulls’ next upside price objective is closing December prices above solid chart resistance at $8.50. The bears’ next downside objective is closing prices below solid technical support at this week’s low of $7.47 1/4. First resistance is seen at $8.25 and then at $8.40. First support is seen at today’s low of $7.92 3/4 and then at $7.75.
What to Do: Get current with advised sales.
Hedgers: You should have 30% sold for 2026. Remain patient on 2027 sales for now.
Cash-only marketers: You have 30% of expected 2026-crop production sold. Remain patient on 2027 sales for now.
Cotton
Price action: December cotton futures rose 80 points to 89.14 cents, near the daily high and closed at a contract high close.
Fundamental analysis: Cotton futures today saw a pause in the early going, but buying interest in the natural fiber picked up near midday as the grain futures markets rallied sharply.
Cotton traders are looking forward to Thursday morning’s weekly USDA export sales report.
World Weather Inc. today said showers in Oklahoma, west Texas and the Texas Blacklands over the next few days will bring some temporary relief from persistent hot, dry, weather, although the relief will only be temporary. More heat and dryness are likely this weekend into next week.The U.S. Delta has been too hot and dry recently, too, but some partial relief is possible over the next few days.Cotton in most other U.S. production areas is in varying conditions, with most crops suspected of doing relatively well.
Technical analysis: December cotton futures bulls have the solid overall near-term technical advantage and are keeping alive 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 92.50 cents. The next downside price objective for the cotton bears is to close prices below solid technical support at 85.00 cents. First resistance is seen at the contract high of 89.45 cents and then at 90.00 cents. First support is seen at today’s low of 87.77 cents and then at this week’s low of 87.05 cents.
What to do: Get current with advised sales.
Hedgers: You are 60% sold for 2026-crop sales at this time. No sales for 2027-crop are advised at this time.
Cash-only marketers: You are 60% sold for 2026-crop sales at this time. No sales for 2027-crop are advised at this time.