Chicago grain markets drifted lower today as light pre-holiday trading and modest technical pressure shaped price action across corn, soybeans, and wheat. Corn futures briefly pushed below last week’s tight trading band, with March testing support above $4.35/bu before staging a mild intraday recovery. The early weakness appeared tied more to routine farm marketing in a thin market than to any new fundamental shift, and buyers once again showed interest on the break. March corn ultimately settled 1 cent lower at $4.39 3/4 USD/bu. New-crop December 2026 futures also eased by 1 cent to $4.61. Basis levels in Southern Ontario remain firm, averaging $1.35 over March for 2025-crop ($5.75) and $1.15 over December 2026 for next year’s harvest ($5.76).
Soybeans extended their recent slide, with today’s weakness reflecting a combination of unwinding buy-hedges following earlier Chinese purchases and ongoing pressure from soft soybean oil values amid delayed U.S. biofuel policy announcements. The market structure continues to resemble an Elliott Wave 5-count pattern, suggesting the current downturn may be the final leg of a short-term bear phase before a potential seasonal reversal heading into the holidays. January soybeans closed 5 cents lower at $10.71 3/4 USD/bu, while November 2026 firmed slightly by 1/4 cent to $10.88 1/2. Wheat was the day’s poorest performer, sliding on renewed concerns about aggressive Argentine export offerings. Reports highlighting large, low-quality Argentine supplies and reduced export taxes amplified fears of a global price war at a time when supplies remain ample. March Chicago wheat dropped 8 1/2 cents to $5.20 3/4 USD/bu, while July 2026 fell 7 1/2 cents to $5.38 1/4.
