January 28, 2026
At this hour:
🌽Corn market is up 2-3c,
🌱soybeans are up 10-11c,
🍞wheat is up 5-7c,
🛢️crude oil is down $0.06-$0.07,
💲US Dollar is up 4-5 points
-President Trump was in Iowa yesterday and supported year-round E-15 and said he would sign a bill as soon as it hits his desk.
-U.S. Dollar has fallen to a 4-year low adding support to commodity prices.
-Traders are optimistic we will get an announcement on the RVO’s soon as the public comment period is over and a final decision has been made.
-Argentina looks to get some beneficial rains in the 6–10-day forecast.
-Cash grain movement has been slow across much of the U.S. with the recent weather.
-A few ethanol plants have slowed down their grind due to high natural gas prices.
🐂🐻 Look for a higher trade today.
Support/Resistance:
March corn – Support on March corn is at $4.17 3/4 which is the January 13th low. Resistance is at $4.32 which is the 20-day moving average.
July corn – Support comes in at $4.33 1/2 which is the January 16th low. Resistance comes in at $4.46 which is the 20-day moving average.
March soybeans – Support comes in at $10.38 which is the low from January 2nd. Resistance is at $10.82 1/4 which is the 100-day moving average.
July soybeans – Support is at $10.85 which is the 10-day moving average. Resistance is at $11.04 which is the 100-day moving average.
March Kansas City wheat – Support is at $5.26 which is the 100-day moving average. Resistance comes in at $5.51 3/4 which is the 200-day moving average.
Where do we go from Here:
Corn futures are pushing higher here this morning. President Trump gave a speech in Iowa yesterday and in that speech, he reiterated his support for year-round E-15 ethanol and would sign legislation as soon as it hit his desk. March corn futures are pushing back up into the $4.30 area which is where we will likely see a little selling pickup. With the recent cold weather and snowstorm sweeping across the U.S., some facilities have firmed up their basis levels to draw bushels in and with March futures getting back to the low $4.30’s, we could see some farmer selling pick up in area. The $4.34 to $4.35 area on the March corn futures is going to be tough resistance and if we break through that area, we will likely see a run up to $4.45 is all before we run into bigger resistance. I am still looking for March corn to trade between $4.15 and $4.35.
Soybean futures were higher yesterday led by soybean oil and optimism of the RVO decision that is due out anytime. The Funds are holding a small net long position and now today we are pushing up through the 200-day moving average, likely causing some buying to develop. The EPA has completed its public and shareholder comment period and has a decision made on the RVO’s and is set to release their decision in the first quarter of 2026. Other than the EPA’s decision on RVO’s, Argentina is looking to get some rains in the 6–10-day forecast providing some relief and harvest is ramping up in Brazil. March soybeans are pushing into the upper end of the trading range, and I would expect some resistance around the $10.82 area.
March Kansas City wheat held support yesterday and is now pushing back up to the $5.40 area. Being led by corn and soybeans this morning, wheat futures are higher on not much new news. The U.S. dollar trading at a 4-year low is helping make U.S. wheat a bit more competitive in the World. Traders are patiently waiting to see how the winter wheat crop looks are the storm this past weekend. I look for March Kansas City wheat to trade between $5.25 and $5.45.
The post AgMarket.Net Early Morning Market Analysis 1/28/26 appeared first on AgMarket.Net®.
