November 26, 2025
At this hour:
🌽Corn market is up 0-1c,
🌱soybeans are down 1-2c,
🍞wheat is up 0-1c,
🛢️crude oil is down $0.02-$0.03,
💲US Dollar is up .17-.18
-Happy Thanksgiving to all of our followers.
-Grain markets will be open all day today, closed tomorrow, Thursday November 27 and will re-open Friday November 28th at 8:30 CST.
-Corn futures had an inside trade yesterday as spreads weakened as December futures approach First Notice Day.
-China was rumored yesterday to buy another 4-5 cargoes of soybeans from the U.S. but there was no confirmation.
-Funds are estimated to be still short about 110,000-120,000 contracts of corn and estimated to be long 120,000-130,000 contracts of soybeans.
🐂🐻 Look for mixed/quiet trade here as we head into the Thanksgiving Holiday.
Support/Resistance:
December corn – Support on December corn is at $4.19 1/2 which is the 100-day moving average. Resistance is at $4.42 3/4 which is the high form November 14th.
July corn – Support comes in at $4.51 3/4 which is the 100-day moving average. Resistance comes in at $4.70 1/4 which is the high from November 14th.
January soybeans – Support comes in at $11.13 1/4 which is the November 21st low. Resistance is at $11.69 1/2 which is the high from November 18, 2025.
July soybeans – Support is at $11.39 3/4 which is the November 21st low. Resistance is at $11.81 1/2 which is the high from November 18, 2025.
December Kansas City wheat – Support is at $5.08 which is the 50-day moving average. Resistance comes in at $5.40 which is the high from November 5th.
Where do we go from Here:
Corn market is consolidating. We had an inside trade yesterday and so far for the week, December corn has only had a 4 1/4c trading range. The December/March spread continues to widen out here a bit as folks are pricing out their basis contracts and getting hedges rolled out to March or beyond. Basis levels on corn remain firm in the eastern corn belt with the western corn belt still finishing up harvest and piles of corn everywhere. I look for another quiet, choppy trade today in corn.
There was a rumor that China was in and bought 4-5 cargoes of soybeans from the U.S. but so far, no confirmation. Good rains are sweeping across Brazil, but La Nina is supposed to set up in December down in South America and Argentina has been on the dry side so there could be a higher risk of dry conditions persisting there. I look for soybeans to have another very quiet, small trading range here today.
Wheat futures are mixed here today. First Notice Day for December contracts is Friday so traders are busy getting their December contracts priced or rolled out by the end of today. Not much for new news in the wheat market. We are seeing sone inter commodity spreading across the different wheat classes with the spring wheat market finding the most support. I look for a quiet/choppy trade here today going into the Thanksgiving Holiday.
The post AgMarket.Net Early Morning Market Analysis 11/26/25 appeared first on AgMarket.Net®.
