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12-19 Opening Update: Grains Enter Friday Session With Small Losses

ByGrain Market Insider

Grain Market Insider Quote Board

  • Corn futures are trading slightly lower to begin Friday. March ’26 futures are 1 cent lower at $4.43-3/4. December ’26 futures are 3/4 cent lower at $4.61-1/2.
  • Export sales data updated yesterday morning showed 1.792 MMT of corn sold in the week ending 11/27, landing on the high end of trade expectations (1–2 MMT). While this marked a three-week low, sales still ran 3.5% above the same week last year.
  • A record-sized harvest has kept U.S. corn competitively priced on the global market, while at home, record ethanol production continues to provide solid demand support.

Corn Futures Find Support: Corn futures retested technical support at the 200-day moving average following contract rollover. This support level held, and prices have rallied a small amount since. Support continues to be offered at the 200-day moving average, near 433. Structural resistance can be found near 465.

  • Soybean futures have started the day with small losses across the board. January ’26 futures are 2 cents lower at $10.50-1/4. March ’26 futures are 1-3/4 cents lower at $10.60-1/4. November ’26 futures are 3-1/2 cents lower at $10.67-1/2.
  • Soybean prices continue to face pressure as the market remains skeptical that China will ultimately fulfill its purchase commitments.
  • Bloomberg reports China has purchased about 6 mmt of soybeans, roughly half of its 12 mmt commitment. While meeting the full target by year-end appears unlikely, the current pace suggests the commitment could be completed by the end of the marketing year, or sooner.

Soybeans Break Lower, Test Support: Soybean futures broke below key psychological support at 1100 and technical support by breaking below the 50-day moving average. The next point of support can be found at the 100-day moving average, near 1056. The 50-day moving average will now serve as technical resistance, near 1092.

  • Wheat futures have started the day mostly lower. March ’26 Chicago futures are 1-1/4 cents lower at $5.06-1/2. Kansas City is 1-1/4 cents lower at $5.15-3/4. MIAX wheat has gained 2 cents, now trading at $5.75.
  • Large wheat harvests in Argentina and Australia continue to add fresh supply to the global market, while top exporter Russia is already projecting a bumper 90 million metric ton crop next year, keeping pressure on prices.
  • COFCO International said Saturday it loaded its first bulk shipment of Argentine wheat to China, opening a new trade route with Argentina and adding pressure to wheat prices.

Chicago Wheat Break Lower: Wheat futures broke below a band of moving averages after spending significant time testing support at the 200-day moving average. The first point of technical support can be found at the October 14 low, near 492. Technical resistance can now be found at the 100-day moving average, near 524.

KC Wheat Consolidates: KC Wheat Breaks Support: KC wheat broke below technical support, offered by a band of moving averages, following the recent consolidation phase. The first point of technical support can be found at the October 14 low, near 477. Technical resistance can now be found at the band of moving averages, near 514.

Spring Wheat Slips Lower: Spring wheat futures broke below the 50 and 100 day moving averages following the recent consolidation phase. Technical support can be found near 550. The 50-day moving average now serves as technical resistance, near 565.

Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.

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