Soybeans–
Soybeans rallied hard in the overnight session, trading 17 cents higher. During today’s session soybeans rallied even harder. Be aware of possible “buy the rumor, sell the news” trading once a trade deal with China is confirmed. Trump will meet Xi on October 30th. And Canada’s Careny is said to be open to trade talks with Trump, after Trump increased tariffs on Canada. Bessent expects large purchases of soybeans from China after a framework for a deal has been set. Brazil will be harvesting soybeans in early ’26, so China has a short window to buy from the US before more soybeans from South America become available. Brazil planting is moving ahead schedule at 3% above the 5-year average.
January Soybeans (ZSF26) settled at 1062 (+24), high of 1072, low of 1052. March ’26 Soybeans (ZSF26) settled at 1095 (+22), high of 1100, low of 1083. Cash price is at 1008 (-1)
December Bean Meal (ZMZ25) settled at 298.2 (+4.2) high of 299.2, low of 294.8
December Bean Oil (ZLZ25) settled at 50.77 (+0.50) high of 50.94, low of 50.33
Meal to Oil ratio (54.02% Meal – 45.98% Oil)
ZSF26 Moving Averages – (1061) 5-day, (1040) 20-day, (1048) 50-day, (1044) 100-day, (1044) 200-day
ZSH26 Moving Averages – (1074) 5-day, (1054) 20-day, (1063) 50-day, (1058) 100-day, (1052) 200-day
ZMZ25 Moving Averages – (293.3) 5-day, (280.9) 20-day, (283.8) 50-day, (286.9) 100-day, (299.9) 200-day
ZLZ25 Moving Averages – (50.53) 5-day, (50.61) 20-day, (51.34) 50-day, (52.40) 100-day, (49.38) 200-day
The Commitments of Traders report for the week ending September 23 showed soybean Managed Money traders sold -31.589 contracts bringing their bringing their net short position to -29,302 contracts. Producer/Merchants bought 27,234 contracts bringing their net short position to -92,440 contracts. Non-Commercial & Non-Reportable traders net position was -35,287 contracts.
The Commitments of Traders report for the week ending September 23 showed meal Managed Money traders sold -20,497 contracts, bringing their net short position of -103,269 contracts. Producer/Merchants bought 23,194 contracts bringing their net short position to -43,134. Meal Non-Commercial & Non-Reportable traders hold a long position of -67,159 contracts.
The Commitments of Traders report for the week ending September 23 showed bean oil Managed Money traders were net short -889 contracts after selling -22,286 contracts. Non-Commercial & Non-Reportable traders net long position was 11,858 contracts.
CORN –
December Corn (ZCZ25) settled at 428 (+5), high of 431, low of 426. March ’26 Corn (ZCH26) settled at 444 (+7). Cash price is 411 (-4)
Corn traded higher with soybeans and wheat, after a 6 1/2 cent gain in the overnight session. China is dealing with wet weather in its corn growing regions and may need to buy US corn. Although, Chinese farmers are struggling at the moment and buying US corn would not be supportive for them. A break of 431 1/4 should send corn to 440 or higher. Corn is trading at the highest level since early July.
ZCZ25 Moving Averages – (424) 5-day, (419) 20-day, (419) 50-day, (420) 100-day, (437) 200-day
ZCH26 Moving Averages – (438) 5-day, (435) 20-day, (435) 50-day, (436) 100-day, (452) 200-day
The Commitments of Traders report for the week ending September 23 showed that corn Managed Money sold -14,624 contracts bringing their net position to -94,675 contracts. Producer/Merchants bought 10,692 contracts bringing their net position to -97,598. Non-Commercial & Non-Reportable traders net short position was -85,437 contracts.
WHEAT –
December Chicago Wheat (ZWZ25) settled at 526 (+13), with a high of 530, low of 516. March ‘26 Wheat (ZWH26) settled at 542 (+14). Chicago Wheat has a cash price of 490 (-0.50). December KC Wheat (KEZ25) settled at 514 (+12).
Wheat traded higher in the overnight session and continued its gains during today’s session. Wheat is seeing some short covering, with analysts thinking that funds were holding a large short position. Maybe this bounce can start a change in the bearish trend. Wheat was holding 500 support fairly well, with the dip below 500 being bought quickly. Russia increased a 70% in their wheat export duty. This is likely due to the recent sanctions against Russian only that could hurt Russia’s economy.
ZWZ25 Moving Averages – (511) 5-day, (507) 20-day, (517) 50-day, (539) 100-day, (569) 200-day
ZWH26 Moving Averages – (526) 5-day, (524) 20-day, (534) 50-day, (557) 100-day, (587) 200-day
The Commitments of Traders report for the week ending September 23 showed that Managed Money traders in the wheat market were net short -97,935 contracts, having increased their short position by -12,110 contracts. Producer/Merchants bought 6,547 contracts to bring their net long position to 20,165 contracts. Non-Commercial & Non-Reportable traders were net long 62,788 contracts.
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