January 8, 2026
At this hour:
🌽Corn market is down 0-1c,
🌱soybeans are down 1-2c,
🍞wheat is up 0-1c,
🛢️crude oil is up $0.68-$0.69,
💲US Dollar is up 1-2 points
-China rumored to buy another 8-10 cargoes of soybeans yesterday but nothing confirmed yet. We could get a flash sale announced today or tomorrow.
-Cash grain movement from the farmer has been steady especially in the western corn belt with nice weather.
-March corn futures are above the 200-day moving average.
-March soybeans closed above the 200-day moving average yesterday but have slipped below that level this morning.
-U.S. Stock market and precious metals backed up yesterday and are lower again here this morning.
-Weekly export sales are back on schedule. Here are the estimates: corn 750,000-1,500,000 metric tons, soybeans 750,000-1,200,000 metric tons and wheat 250,000-550,000 metric tons.
🐂🐻 Look for a choppy/mixed trade here today.
Support/Resistance:
March corn – Support on March corn is at $4.40 which is the 100-day moving average. Resistance is at $4.53 which is the December 26th high.
July corn – Support comes in at $4.55 which is the 100-day moving average. Resistance comes in at $4.60 which is the 200-day moving average.
March soybeans – Support comes in at $10.38 which is the low from January 2nd. Resistance is at $10.67 which is the 200-day moving average.
July soybeans – Support is at $10.64 3/4 which is the low from January 2nd. Resistance is at $10.91 3/4 which is the 20-day moving average.
March Kansas City wheat – Support is at $5.03 which is the December 17th low. Resistance comes in at $5.36 which is the high from December 26th.
Where do we go from Here:
March corn futures are just hanging around the $4.45-$4.46 area which is right in the middle of the range we have been trading in since November 1. Export sales out this morning should be big again and the pace we are currently on for exports should suggest the USDA will need to increase their annual export estimate. Basis levels on corn remain steady to firm in the east while a bit weaker in the western corn belt. Funds are near neutral on their positions and awaiting the January 12th Crop Production report. March corn futures are trading back above the 200-day moving average so we will see how many days we can close above the 200-day moving average. The more days we stay above the 200-day moving average we should eventually see the Funds step in and start going long. For now, March corn remains stuck trading between $4.35 and $4.50.
Soybeans had a nice 10+ cent rally off of rumors that China was in looking to buy another 8-10 cargoes of soybeans from the U.S. Nothing has been confirmed yet, but we could see a flash sale announcement either today or tomorrow. China is getting closer to fulfilling their 12 MMT obligation but will they continue to buy soybeans from the U.S., or will they switch over to buy from South America as their harvest is just getting started and they are cheaper than U.S. soybeans. China is expected to buy 25 MMT of soybeans from the U.S. this year but I would expect most of those beans will get bought during our harvest this fall. As traders await the January 12th report, I look for March soybeans to consolidate between $10.45 and $10.70.
Wheat futures had a nice rally yesterday led by a 10-cent rally in March Kansas City wheat futures. There is a little growing concern with crop conditions of the wheat in the southern plains but more than anything I just feel the Funds are buying back some of their big, short positions they are still holding as we get into the critical growing period for wheat. The Funds have had a big, short position for quite some time in the wheat complex. Technically speaking, March Kansas City wheat closed above the 100-day moving average and are now testing December 26th high of $5.36. I would expect wheat to find resistance there as the January 12th Crop Production report is right around the corner.
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