January 15, 2026
At this hour:
🌽Corn market is up 2-3c,
🌱soybeans are up 2-3c,
🍞wheat is up 3-4c,
🛢️crude oil is down $2.32-$2.33,
💲US Dollar is up 6-7 points
-Weekly U.S. ethanol production come in at a record high at 1.196 barrels per day.
-Japan and South Korea have been active buyers of U.S. corn and soybean meal this week.
-Tensions in the Middle East are rising and crude oil is down $2+ this morning.
-Gold and silver prices traded at all-time highs yesterday and a touch lower this morning.
-Weather in Brazil looks good for harvest to ramp up while Argentina looks to dry out the last half of January.
🐂🐻 Look for a choppy to higher trade today.
Support/Resistance:
March corn – Support on March corn is at $4.10 which is the August 12th low. Resistance is at $4.25 1/2 which is the October 14th low.
July corn – Support comes in at $4.28 1/2 which is the August 12th low. Resistance comes in at $4.41 1/2 which is the October 14th low.
March soybeans – Support comes in at $10.38 which is the low from January 2nd. Resistance is at $10.58 1/2 which is the 20-day moving average.
July soybeans – Support is at $10.64 3/4 which is the low from January 2nd. Resistance is at $10.82 3/4 which is the 20-day moving average.
March Kansas City wheat – Support is at $5.08 1/4 which is the January 2nd low. Resistance comes in at $5.36 which is the high from December 26th.
Where do we go from Here:
Corn is starting out the day a little higher again. Yesterday we saw a little selling when corn got up 4-5c on the day. The market is still digesting the negative USDA Crop Production report from Monday, but it feels like we have a near term low in place at $4.17 1/4. We are seeing some flat price bargain shoppers’ step in and buy U.S. like South Korea so that should give the market some extra support. There is still a massive amount of U.S. corn that needs to get sold and moved before the end of the summer so look for rallies to initially be sold and it is going to take a major weather even in Brazil or the U.S. to get a meaningful rally in the corn complex.
The January soybean futures are now off the board and a lot of times we have a tendency to put in lows when a contract goes off the board. China is continuing to purchase their 12 MMT of soybeans they agreed to but once those bushels are purchased will they switch back to South America to buy their soybeans? March soybeans have a double bottom in place at the $10.38 level which is impressive since we initially put that low in on January 2nd, ahead of the USDA report and we have held it so far this week. Harvest is ramping up in Brazil and early indications are the crop could get even bigger. I look for rallies to be limited in March soybeans, especially if we approach the $10.50-$10.60 area.
March Kansas City wheat continues to grind sideways in its $5.00 to $5.35 channel. Tensions in the Middle East are lending a little support to the wheat complex, but we have plenty of supplies in the U.S. and World, rallies will be limited. The Funds are still carrying a big, short position and on the March Kansas City chart, it looks like we are forming a wedge and getting ready to break out in the next few days. Not sure which direction we will breakout in, but it could push futures back below $5.00 or up to $5.50.
The post AgMarket.Net Early Morning Market Analysis 1/15/26 appeared first on AgMarket.Net®.
