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8-26 Opening Update: Grains Trading Higher to Start the Day With Soybeans Leading

ByGrain Market Insider

Grain Market Insider Interactive Quote Board

  • September corn is trading 3/4 cents higher at $3.90 while December is unchanged at $4.12-1/4. Yesterday’s export inspections were good at 1,305k tons.
  • The ProFarmer Crop Tour projected large yields and a record US corn harvest for 2025, but mentioned disease in the Midwest a number of times that could impact yields at harvest, and this has worried funds. The average yield was pegged at 182.7 bpa which compares to the USDA’s 188.8 bpa.
  • Corn crop ratings were unchanged from last week at 71% good to excellent. 83% of the crop is in dough stage, 44% is dented, and 7% is mature. 

Corn Futures Show Signs of Life: With the front-month roll from September to December, corn has shown renewed strength. Prices rallied to close last week above the 50-day moving average, a constructive signal. Early this week, corn filled the post–July 4th gap near 413, with the next upside target seen at the gap near 430. On the downside, the 50-day average serves as initial support, while a break could expose the gap below 400.

  • September soybeans are up 8-1/2 cents at $10.34 while November is up 7 cents at $10.54-1.2. October bean meal is up $1.90 at $291.10 while October bean oil is down 0.58 cents at 53.92 cents.
  • Crop Progress saw soybean ratings improve one point from last week to 69% good to excellent. 89% of the crop is setting pods while 4% is dropping leaves.
  • Yesterday’s export inspections were poor at 383k tons which compared to 503k a week ago and 420k a year ago. Top destinations were to Indonesia, Mexico, and Italy.

Soybeans Eye Spring Highs: Soybean futures surged in early August after USDA cut 2025 harvested area by 2.5 million acres. Prices broke through heavy resistance and key moving averages around 10.30, which now act as support on pullbacks. On the upside, the next major resistance is at the spring highs near 10.80, a level that has repeatedly capped rallies over the past year.

  • Wheat is mixed this morning with gains in Chicago wheat and losses in KC and Minneapolis. September Chicago wheat is up 1-1/4 cents at $5.08 and September KC wheat is down 1-3/4 cents at $4.95-1/4.
  • Crop Progress saw spring wheat ratings fall one point to 49% good to excellent. The spring wheat harvest is now 53% complete which compares to 69% at this time a year ago. The winter wheat harvest is now 98% complete which compared to 99% a year ago at this time.
  • Yesterday’s export inspections were good at 946k tons which compared to 400k last week and 552k tons a year ago at this time. Top destinations were to Indonesia, the Philippines, and the Korean Republic. 

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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