January 29, 2026
At this hour:
🌽Corn market is up 2-3c,
🌱soybeans are up 5-6c,
🍞wheat is up 4-5c,
🛢️crude oil is up $1.30-$1.31,
💲US Dollar is down 3-4 points
-U.S. Dollar continues to trade at a 4-year low.
-March soybeans traded and closed above the 200-day moving average, spurring some Fund buying.
-Weekly export sales will be out this morning. Here are the estimates courtesy of Reuters: corn 1,000,000-2,7000,000 metric tons, soybeans 400,000-1,900,000 metric tons, wheat 275,000-600,000 metric tons and soybean meal 225,000-500,000 metric tons.
-March corn futures are finding resistance in the $4.32 to $4.35 area.
-Farmer selling saw an uptick yesterday.
🐂🐻 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 $4.39 1/2 which is the 100-day moving average.
July corn – Support comes in at $4.33 1/2 which is the January 16th low. Resistance comes in at $4.45 1/2 which is the 20-day moving average.
March soybeans – Support comes in at $10.59 which is the 20-day moving average. Resistance is at $10.82 1/2 which is the 100-day moving average.
July soybeans – Support is at $10.89 which is the 10-day moving average. Resistance is at $11.08 1/4 which is the 50-day moving average.
March Kansas City wheat – Support is at $5.26 1/4 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 got a boost from President Trump reiterating his continued support for E-15. This pushed March corn futures into the low $4.30’s where we will continue to see some resistance. The proposed year-round E-15 is a voluntary E-15 vs a mandated E-15 and that is a big difference, but congress needs to get a bill to the President’s desk to sign first. We saw some buying on corn yesterday morning, pushing March futures up to $4.33 1/4 before we saw some hedge pressure. March corn futures should still remain supported on robust demand and U.S. Dollar at a 4-year low, but we do have a lot of resistance to get through between $4.34 and $4.36 March futures.
Soybean prices closed higher yesterday but were well of their highs. Once March soybeans pushed above the 200-day moving average, the buying started. March soybean raced up to $10.84 3/4 before eventually pulling back. As we approached the 100-day moving average at $10.82 the selling kicked in and pulled us back. We don’t have a lot of new fundamental news out there to trade on, so this seems all technical. We are back testing the $10.82 area again here this morning and the test will be is can we close above the 100-day moving average at $10.82 1/2. I would expect we could see a little selling this morning at the $10.82 to $10.84 area for those that missed it yesterday.
March Kansas City wheat pushed to their highest level since early November before pulling back due to some hedge pressure. The cheaper U.S. Dollar is helping U.S. wheat to stay somewhat competitive in the World market. The 200-day moving average is coming in at $5.51 1/4 today and if we could get above that level, I would expect the Funds to step in and start covering their short positions in a bigger way. For now, I look for the $5.50 to $5.51 to be tough resistance.
The post AgMarket.Net Early Morning Market Analysis 1/29/26 appeared first on AgMarket.Net®.
