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8-29 Opening Update: Corn Higher, Soybeans and Wheat Lower Heading Into Weekend

ByGrain Market Insider

Grain Market Insider Interactive Quote Board

  • Corn is trading higher to start the day following yesterday’s first notice day for September contracts. September is currently trading 3-1/2 cents higher at $3.89 while December is up 2 cents at $4.12.
  • Yesterday’s export sales report saw corn sales strong but fall from last week at 2,072k tons. This compared to 2,833k last week and 1,509k a year ago. Top destinations were to Mexico, Colombia, and unknown.
  • The ProFarmer tour brought up disease in the crop multiple times, and farmers who are finding corn rust are reporting heavy cases of it. This could cut effected yields by 20-40%.

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.

  • Soybeans are trading lower this morning apart from the September contract which is in delivery and is up 3 cents at $10.31-1/4. The November contract is down 5-1/4 cents to $10.42-3/4, October soybean meal is down $1.00 at $281.90 and October soybean oil is down 0.44 cents at 51.51 cents.
  • Analysts are estimating that the USDA soybean crush will come in around 207 million bushels for July. If this number is realized, the crush would be up 5.1% from the 197.1 mb processed in June and up 7.2% from July 2024.
  • Yesterday’s export sales report saw soybean sales increase from last week to 1,183k tons from 1,137k last week and 2,472k tons a year ago. Top buyers were unknown, Mexico, and Taiwan.

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 Chicago unchanged and KC and Minneapolis lower. December Chicago wheat is unchanged at $5.29 while December KC is down 1/2 cent at $5.15-1/4.
  • Yesterday’s export sales saw wheat sales fall to 1,183k tons from 1,137k tons last week. This compared to 498k tons a year ago. Top buyers were Vietnam, Nigeria, and Mexico.
  • The Canadian wheat crop for 25/26 was seen rising to 35.5 mmt from previous estimates of 34.2 mmt according to Bloomberg. Canola production is seen 4.6% higher.

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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