WHEAT:
December Kansas City wheat futures were down 3 cents Tuesday, closing at $5.17 3/4 and setting another contract low in the process. Prices were able to bounce slightly off the new contract low but failed to hold above the 20-day moving average on the most active chart, near $5.18 1/2, which may be the last line of support between current prices and a return toward the $5.04 1/4 low hit by the September contract in mid-August. Wednesday’s session will be important to monitor for potential support pull from that level on prices. In other wheat markets, Chicago prices were able to break away from the rest of the complex to trade higher, while Minneapolis futures were lower, snapping a 5-day win streak in that market.
Corn
December corn traded down 2 3/4 cents on Tuesday, closing at $4.09 1/2. Meanwhile March futures were down 3 1/4 cents to $4.26 1/2. After shying away from the 50-day moving average Monday, selling pressure has continued as traders brace for record U.S. corn production in 2025. The 20-day moving average at $4.06 appears primed for a test of support, a hold here would open the door up for another more serious test of 50-day resistance, which is a prominent roadblock in slowing the current downtrend in new-crop corn futures.
