Corn
December corn futures continue to trade in a choppy, sideways pattern as the market steadies ahead of the November WASDE report. The December contract has managed to hold above its 20-day moving average at $4.27, with the recent 10-day low of $4.26 successfully tested as support. Bullish traders are eyeing a recovery above $4.30, while resistance remains near $4.35. The U.S. corn harvest is nearing completion, with roughly 93% of acres reported harvested, and favorable weather across the Corn Belt should allow for a smooth finish. In broader market activity, funds are beginning their annual “Goldman Roll,” shifting long positions from the December to March contract, which may contribute to increased volume and short-term volatility.

Soybeans
As the November contract nears expiration, market focus shifts to the January 2026 futures. Soybean prices have continued to grind higher, setting a new contract high of $11.37 and maintaining steady bullish momentum, posting only seven lower sessions over the past month. Technical resistance on the January board is noted at $11.34, with support near $11.10. Optimism surrounding a potential resolution to the government shutdown has added to the positive tone, though the market remains somewhat perplexed by its resilience given ongoing uncertainty in export demand. China has yet to publicly confirm the reported commitment to purchase 12 million metric tons of U.S. soybeans by December and 25 million metric tons annually over the next three years. In the meantime, Brazil continues to dominate export competitiveness with lower-priced offers. The U.S. soybean harvest is largely complete across the Midwest, with only scattered fieldwork remaining.

Wheat
Wheat futures briefly gained strength from broader grain market support and reports of Chinese purchases but have since given back much of that momentum. The December Chicago contract shows technical support at the 20-day moving average near $5.24, with resistance around $5.40. Despite the recent pullback, U.S. export inspections for wheat remain solid, up 19% compared to last year’s pace through the first five months of the marketing year. However, elevated U.S. prices have limited competitiveness abroad, particularly against Argentina, which continues to offer the lowest-priced wheat on the global market. Both Chicago and Kansas City contracts have slipped below their 100-day moving averages and are now hovering just above the 50-day averages, signaling continued technical pressure.

Rice
Rice futures continue to trend sharply lower and trade at or near six-year lows. The January contract has potentially charted a double-bottom at $10.19½, but will need to close above trendline resistance near $10.70 to confirm the positive chart signal. The market continues to be burdened with large supplies in Asia, and India in particular. India had a good monsoon season and had built up a backlog of stocks with an export ban in previous years. Now they are targeting traditional markets for U.S. rice like Iraq and other Middle Eastern countries, and even Mexico and Japan. There are indications that Japan has begun to buy more U.S. rice as part of the framework for a trade deal, but that is mostly California medium grain. Futures are currently trading well below the USDA 2026 marketing year average price of $12 for long grain and $13.20 for all-rice, so better pricing opportunities could arise later in the marketing year. 

Cotton
Cotton futures have been under renewed pressure in recent days. The December contract failed at resistance at 66 cents and is again trending lower, moving to new three-week lows. So far, support at 62.71 cents looks solid, though. There is still no indication that China will return to the market for U.S. cotton, and the recently developed trade framework with China didn’t include a commitment to buy U.S. cotton. Cotton was on the list of goods to have reduced tariffs, but so far that has not been incentive enough to actually purchase U.S. cotton. A softer stock market is also adding to the negative undertone in the market. Once the government reopens and reports begin to be issued, the market could get a boost if yields and production totals are reduced. 

Cattle 
Both live and feeder cattle futures charts look bearish at this point, despite the fact that futures are now deeply discounted when compared to cash prices. And while cash prices are also declining, they are not moving nearly as fast as futures. Overall, market fundamentals haven’t changed. The cow herd is the lowest since 1962, the all-cattle and calves herd is the lowest since 1952, and slaughter numbers are the lowest they’ve been in many years. 

Hogs
After trending lower for two months, February hog futures have charted a huge bullish reversal. After finding support below $79, futures have now closed above $83, the highest level in 10 sessions. Support is coming from technical buying and firmer wholesale pork prices, and futures’ discount to cash prices.