January 21, 2026
At this hour:
🌽Corn market is up 2-3c,
🌱soybeans are up 9-10c,
🍞wheat is up 3-4c,
🛢️crude oil is down $0.07-$0.08,
💲US Dollar is up 1-2 points
-The Philippines stepped in and bought 190,000 mt of soybean meal yesterday.
-Weather in Argentina has been trending drier and something to watch closely.
-The SCOTUS could make a decision on the Trump Tariffs any day. Odds suggest they will be in favor of the tariffs.
-Treasury Secretary Soctt Bessent confirms that China has fulfilled their 12 mmt purchase of U.S. soybeans.
🐂🐻 Look for a 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 1/4 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 1/4 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:
March corn futures had a very quiet 3 1/2 cent trading range yesterday and closed out the day down 1 cent. We saw a choppy trade as the tariff war between the U.S. and EU heated up over the weekend. Demand remains very strong for corn exports and ethanol production, however the futures selling off after the January 12th crop report has the farmers on the sidelines. March futures are pushing above recent resistance at $4.25 1/2 and if we can close above there, look for March futures to find more resistance in the $4.30 to $4.35 area. A rally back up into the $4.30’s would probably be a good place to sell a little cash corn if you are looking to sell some in the next 30 days.
Soybean futures were very choppy yesterday and ended the day down 4 3/4 cents. We are watching the weather closely in Argentina as the middle and southern parts of Argentina have been missing some recent rains and starting to cause concern. Brazil’s soybean harvest is ramping up, and the crop is as big as advertised so far. We have priced a lot of negatives into the soybean market, so I fell the downside in the short term is limited. A weather story in Argentina just might be all we need to push these March soybeans back above the 200-day moving average. The Funds remain mostly neutral. Rallies in March soybeans will be limited and viewed as selling opportunities.
For the past 30 days or so, March Kansas City wheat futures have been forming a wedge pattern. Not a lot of fresh news in the wheat complex to trade on so we switch over to the technicals. The March Kansas City wheat futures is getting ready to breakout. The Funds still hold a sizeable, short position in all 3 wheat complexes so could we see them buy those positions back if we breakout to the upside?
The post AgMarket.Net Early Morning Market Analysis 1/21/26 appeared first on AgMarket.Net®.
