Soybeans–
Soybeans traded higher to start the week, after seeing a small gain in the overnight. S&P Global estimates soybean yield at 53.8 bpa, compared to the USDA at 53.6 bpa. China imported a record number of soybeans in August at 12.279 mt. The northwest Plains and central Kansas are expected to see rains this week, while the central and eastern parts of the Midwest are expected to stay mostly dry. Upside may be limited for soybeans as the tariff situation is still unresolved.
November Soybeans (ZSX25) settled at 1033 (+6), high of 1035, low of 1023. January Soybeans (ZSF26) settled at 1052 (+7), high of 1053, low of 1042. Cash price is at 986 (-7)
October Bean Meal (ZMV25) settled at 281.9 (+1.4) high of 282.7, low of 278.8
October Bean Oil (ZLV25) settled at 50.98 (+0.17) high of 51.54, low of 50.50
The September Meal to Oil ratio (52.51% Meal – 47.49% Oil)
ZSX25 Moving Averages – (1033) 5-day, (1039) 20-day, (1024) 50-day, (1030) 100-day, (1026) 200-day
ZSF26 Moving Averages – (1051) 5-day, (1058) 20-day, (1041) 50-day, (1045) 100-day, (1039) 200-day
ZMV25 Moving Averages – (279.7) 5-day, (285.2) 20-day, (280.6) 50-day, (290.5) 100-day, (301.3) 200-day
ZLV25 Moving Averages – (51.40) 5-day, (52.50) 20-day, (53.65) 50-day, (51.62) 100-day, (47.73) 200-day
The Commitments of Traders report for the week ending August 19 showed soybean Managed Money traders bought 35,273 contracts bringing their bringing their net long position to 3 contracts. Producer/Merchants sold -28,135 contracts bringing their net short position to -114,151 contracts. Non-Commercial & Non-Reportable traders net position was -4,791 contracts.
The Commitments of Traders report for the week ending August 19 showed meal Managed Money traders bought 24,070 contracts, bringing their net short position of -85,239 contracts. Producer/Merchants sold -11,089 contracts bringing their net short position to -60,857. Meal Non-Commercial & Non-Reportable traders hold a short position of -40,571 contracts.
The Commitments of Traders report for the week ending August 19 showed bean oil Managed Money traders were net long 31,342 contracts after selling -13,070 contracts. Non-Commercial & Non-Reportable traders net long position was 50,491 contracts.
CORN –
December Corn (ZCZ25) settled at 421 (+3), high of 422, low of 415. March ’26 Corn (ZCH26) settled at 439 (+3). Cash price is 415 (-1)
A new estimate for corn yield came out from S&P Global, which estimates corn yield at 189.1 bpa. S&P Global’s yield estimate is slightly higher than the USDA at 188.8 bpa. There has been more talk of frost recently with the cooler temperatures seen over the weekend, particularly in the northern Plains and the upper Midwest. The eastern corn belt has been battling dryness and will continue to do so, according to recent 6 to 10 day and 8 to 14 day forecasts. The longer the corn price can stay in or above the trading range it’s been in, the more likely it is the low is in at 392 from August 12.
ZCZ25 Moving Averages – (420) 5-day, (409) 20-day, (414) 50-day, (429) 100-day, (440) 200-day
ZCH26 Moving Averages – (438) 5-day, (427) 20-day, (431) 50-day, (445) 100-day, (454) 200-day
The Commitments of Traders report for the week ending August 19 showed that corn Managed Money bought 31,464 contracts bringing their net position to -144,650 contracts. Producer/Merchants sold -25,041 contracts bringing their net position to -57,745. Non-Commercial & Non-Reportable traders net short position was -163,744 contracts.
WHEAT –
December Chicago Wheat (ZWZ25) settled at 523 (+4), with a high of 524, low of 516. March 26’ Wheat (ZWH26) settled at 541 (+5). Chicago Wheat has a cash price of 464 (+0.75). December KC Wheat (KEZ25) settled at 517 (+12).
Wheat had a rare bounce today, after trading 1 ¼ cent higher in the overnight. Large global supplies continue to weigh on this market. Ukraine’s production estimate was raised by APK-Inform to 21.9 mt, up from 19.7 in August. Ukraine exports were also raised to 15.3 mt from 13.9 mt previously. The funds added 6000 contracts to their net short position in KC wheat, while Chicago wheat saw a very small increase in fund selling for the week ending September 2nd,
ZWZ25 Moving Averages – (522) 5-day, (526) 20-day, (545) 50-day, (560) 100-day, (583) 200-day
ZWH26 Moving Averages – (539) 5-day, (544) 20-day, (563) 50-day, (579) 100-day, (601) 200-day
The Commitments of Traders report for the week ending August 19 showed that Managed Money traders in the wheat market were net short -98,132 contracts, having increased their short position by -8,837 contracts. Producer/Merchants bought 2,615 contracts to bring their net long position to 25,061 contracts. Non-Commercial & Non-Reportable traders were net short -163,744 contracts.
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