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8-22 Opening Update: Corn and Wheat Lower, Soybeans Higher Heading Into Weekend

ByRyan Mainville

We are excited to offer you a new way to follow the markets!   While CME Group policy changes mean our daily updates will no longer show pricing data, you can now explore our interactive quote board, featuring up-to-date charts to help you track market trends.

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  • Corn futures are trading unchanged to slightly lower in the back months with September unchanged at $3.87-1/4, December unchanged at $4.11-3/4, and March down 1/2 cent at $4.29-1/4. For the week, December corn is currently up 7 cents.
  • The ProFarmer tour found huge yields in both Minnesota and Iowa corn, tour records. Minnesota was seen at 202.86 bpa while Iowa was seen at 198.43 bpa. However, the tour found disease in some field which could lower yields at harvest.
  • Yesterday’s export sales were strong for corn at 2,833k tons which compared to 1,959k last week and 1,410k a year ago at this time. Top buyers were unknown, Mexico, and Spain.

Corn Futures Attempt to Bounce: After a quiet May–July stretch, corn futures broke support near 391 to start August. However, losses tied to last week’s bearish USDA report were quickly reversed with a strong finish to the week. With December now the front month, a gap sits below the market between 380 and 400. On the upside, targets include an unfilled gap at 413, resistance at 420, and a second gap near 430. 

  • Soybeans are trading higher this morning following large gains posted yesterday as soybean oil led the complex higher. September soybeans are currently up 2-1/4 cents at $10.36-3/4 while November is up 2-1/2 at $10.58-1/2. October soybean meal is unchanged at $290 while October soybean oil is up 0.10 cents at 53.68 cents.
  • The ProFarmer tour similarly found big pod counts for soybeans in Minnesota with 1,248 pods found in 3’x3′ square which is well above last year. In Iowa they found 1,384 pods which was also above the previous year.
  • Soybean export sales yesterday were ok at 1,137k tons which was up from 755k last week and compared to 1,633k a year ago. Top destinations were to unknown, Spain, and Mexico.

Soybeans Rally Through Resistance: Soybean futures rallied sharply in early August after a bullish USDA report cut 2.5 million acres from 2025 harvested area projections. Prices broke through resistance near 1030 and have since held above it, with this zone now acting as support on any pullback. On the upside, the next key resistance stands at the spring highs near 1080, a level that has capped rallies for the past year. 

  • All three wheat classes are trading slightly lower this morning with September Chicago wheat down 1 cent at $5.06 while September KC wheat is down 1-1/2 cents at $5.01-3/4. For the week, Sep Chicago wheat is currently unchanged while KC is down 5 cents.
  • The Argentinian wheat crop is expected to improve following rains in key areas boosting soil moisture and helping uptake of nutrients as farmers re-fertilize the crop.
  • Yesterday’s export sales report saw wheat sales fall to 482k tons which was down from 723k last week and 493k a year ago at this time. Top buyers were Mexico, South Korea, and Thailand.

Chicago Wheat Holds Range: Chicago wheat’s mid-June rally was short-lived, with futures retreating back toward the upper end of their 2025 trading range. Initial support lies just above 500, the early-August low. On the upside, a weekly close above 558 would signal renewed strength and open the door for a retest of the recent highs near 590. 

KC Wheat Continues Sideways Trend: KC wheat futures rallied sharply in June, briefly testing the April highs near 580 before weakening into month-end. The pullback pushed prices below the 50-day moving average, which now stands as key resistance on any rebound. Support is first seen at the recent lows near 505, followed by secondary support at the May low around 500.

Spring Wheat Holds Below Moving Averages: Spring wheat futures faced pressure in July as crop conditions improved and weather turned favorable across key growing areas. While August has seen some support, gains remain limited. Technically, strong resistance sits just above 600 at a cluster of major moving averages, with a secondary target near 650 if momentum strengthens. On the downside, recent lows around 580 are expected to provide solid support against further weakness.

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