Corn
Price action: December corn fell 6 cents to $5.02, near the session low.
Fundamental analysis: The corn futures market saw corrective selling pressure today, after Tuesday’s good gains. The stronger U.S. dollar index today that is back near the recent 1.5-year high was a bearish outside-market factor for corn futures.
Corn traders are awaiting Thursday morning’s weekly USDA export sales report.
World Weather Inc. today said harvesting of the U.S. corn crop will occur rapidly in most areas during the next two weeks, with two rounds of organized rain expected along with a steady ramping up of fieldwork in the wetter areas from northeastern Kansas and eastern Nebraska into southern Michigan. Central Indiana into Ohio has moist enough soils to slow fieldwork, but drying in advance of the precipitation should allow the soil to soak up much of the moisture without becoming saturated. The next round of well-organized rain will occur next Tuesday night into Friday of next week, when the rain should not be heavy enough to cause lasting delays to fieldwork.
Technical analysis: December corn sees prices trending down on the daily bar chart to better suggest a near-term market top is in place. A bear flag pattern has also just formed on the daily chart. The next upside price objective for the bulls is to close December prices above solid chart resistance at $5.25. The next downside target for the bears is closing prices below chart support at $4.92. First resistance is seen at today’s high of $5.09 3/4 and then at $5.15. First support is seen at last week’s low of $4.95 and then at $4.92.
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: November soybeans fell 5 1/2 cents to $12.97 1/2, nearer the daily low. December soybean meal gained $11.00 to $365.80, near the daily high. December soybean oil fell 223 points to 67.58 cents, near the daily low.
Fundamental analysis: The soybean market saw modest losses today but soybean meal posted solid gains for the second session in a row. Spreaders were featured buying meal and selling bean oil today. The stronger U.S. dollar index today that is back near the recent 1.5-year high was a bearish outside-market factor for soybeans and bean oil.
Soy complex traders are awaiting Thursday morning’s weekly USDA export sales report.
World Weather Inc. today said Drying in the U.S. Midwest is welcome and good for the maturation and harvest of soybeans. Rain from tropical storm Isaias will impact the lower Midwest this weekend, causing delays to farming activity. A cool front next week will bring a little more rain to the U.S. Midwest before drier weather finally resumes. Rain coming to Brazil in the next 10 days will eventually support more aggressive planting and emergence in center-west, although southern Brazil is likely to be a little too wet at times, delaying fieldwork for a while and possibly raising the potential for replanting. Center-west planting and establishment conditions should improve as rain falls more periodically.
Technical analysis: November soybeans still see a fledgling downtrend in place on the daily bar chart. Bulls’ next near-term upside technical objective is closing November prices above solid resistance at the contract high of $13.35 1/4. The next downside price objective for the bears is closing prices below solid technical support at last week’s low of $12.73 1/4. First resistance is seen at today’s high of $13.09 and then at $13.22 1/2. First support is seen last week’s low of $12.73 1/4 and then at $12.56 1/2.
Soybean meal saw a price downtrend on the daily bar chart negated today. The next upside price objective for the meal bulls is to produce a close in December futures above solid technical resistance at the September high of $376.90. The next downside price objective for the bears is closing prices below solid technical support at this week’s low of $344.20. First resistance comes in at $367.70 and then at $370.00. First support is seen $360.00 and then at today’s low of $354.00.
Bean oil sees the next upside price objective for the bulls is closing December prices above solid technical resistance at the contract high of 74.55 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 69.00 cents and then at this week’s high of 70.04 cents. First support is seen at the September low of 66.61 cents and then at 65.98 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 17 3/4 cents to $6.86 1/2, near the daily low. December HRW lost 17 3/4 cents to $7.38 1/2, near the daily low. December spring wheat futures fell 9 1/2 cents to $7.10 1/4, nearer the daily low.
Fundamental analysis: The wheat futures markets saw technical selling resume today, after a two-session respite. The stronger U.S. dollar index today that is back near the recent 1.5-year high was a bearish outside-market factor for wheat. In other news, SovEcon cut its forecast for Russia’s 2026 wheat crop to 87.5 MMT, down from 88.2 MMT in an earlier estimate.
Wheat traders are awaiting Thursday morning’s weekly USDA export sales report.
World Weather Inc. today said U.S. winter wheat planting, emergence and establishment will improve greatly in the next 10 days due to recent rain and the anticipated sunnier and warm-biased weather that is coming. Meantime, western Europe continues to struggle for wheat and barley planting moisture, but improvements are likely in the next week except in northwestern France and southern parts of the U.K. where rain will be quite limited. Eastern Europe will be drier biased for a while favoring winter crop planting, but greater rain will soon be needed to support the best possible emergence and establishment. The Black Sea region is also expecting a generally dry biased pattern for a while. Rain will soon be needed in eastern Europe and the Black Sea region. Southern Australia is also expected to produce quite well this season due to timely rainfall over the next couple of weeks. Argentina’s wheat has benefited from recent rain and that which is expected later this workweek. Southern Brazil wheat is rated favorably; however, rainy weather in the next ten days will delay harvesting, slow maturation and may reduce grain quality across Parana and a few neighboring areas.
Technical analysis: SRW bulls’ next upside price objective is closing December prices above solid chart resistance at $7.50. The bears’ next downside objective is closing prices below solid technical support at $6.50. First resistance is seen at today’s high of $7.06 1/2 and then at $7.20. First support is seen at last week’s low of $6.70 3/4 and then at $6.60.
HRW 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 $7.00. First resistance is seen at last week’s high of $7.62 3/4 and then at $7.75. First support is seen at last week’s low of $7.29 and then at $7.15.
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 fell 118 points to 80.03 cents, nearer the daily low.
Fundamental analysis: Cotton futures saw corrective selling pressure today following three sessions in a row of price gains. Losses in the grain futures markets today were bearish for cotton futures at mid-week. The stronger U.S. dollar index today that is back near the recent 1.5-year high was also a bearish outside-market factor for cotton. Traders are awaiting Thursday morning’s weekly USDA export sales report.
World Weather Inc. today said recent rain in the southeastern U.S. has hurt fiber quality from Alabama and northern Florida into southern Georgia. The crop will be vulnerable to additional quality declines as moisture from Tropical Storm Isaias begins to stream through the region late this week and into the weekend. In Texas, western regions and southwestern Oklahoma will benefit from dry weather through much of the next two weeks, allowing some cotton fibers to be bleached white and for harvesting advance well around rain Monday into next Wednesday that has been increased since Tuesday’s forecast. Rain will be enhanced by the remnants of Hurricane Rachel Monday into next Wednesday when much of the region receives 0.20-1.20” and locally more with a few more showers possible late in the week. The Blacklands, south Texas, and the Coastal Bend will see a drier weather pattern through the next two weeks and harvesting in the Blacklands should advance well around some infrequent showers, while much of the cotton in the Coastal Bend and south Texas has been harvested.
Technical analysis: December cotton futures still see prices trending lower on the daily chart. The next upside price objective for the cotton bulls is to produce a close in December futures above technical resistance at 84.00 cents. The next downside price objective for the cotton bears is to close prices below solid technical support at the June low of 75.17 cents. First resistance is seen at this week’s high of 81.73 cents and then at 82.50 cents. First support is seen at this week’s low of 78.77 cents and then at last week’s low of 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.