Soybeans–
Soybean harvest is now 5% complete, which slightly ahead of the average pace for this time of year at 3%. Soybean ratings stand at 63% good/excellent, -1 point from last week. Last year at this time, soybean ratings were 64% good/excellent. Soybean oil stocks are at an 8-month low, while August crush was up 20%. The eastern part of the Midwest is expected to stay dry. The rest of the Midwest has rain in the forecast focusing on parts of Michigan, Ohio, and Indiana. Brazil planting is seeing some delays. Pace is expected to pick up over the next week and a half.
November Soybeans (ZSX25) settled at 1049 (+7), high of 1052, low of 1041. January Soybeans (ZSF26) settled at 1069 (+7), high of 1071, low of 1061. Cash price is at 1001 (-4)
October Bean Meal (ZMV25) settled at 285.8 (+0.6) high of 286.7, low of 284.5
October Bean Oil (ZLV25) settled at 52.69 (+0.93) high of 53.37, low of 51.70
The September Meal to Oil ratio (52.03% Meal – 47.97% Oil)
ZSX25 Moving Averages – (1039) 5-day, (1041) 20-day, (1024) 50-day, (1030) 100-day, (1027) 200-day
ZSF26 Moving Averages – (1058) 5-day, (1060) 20-day, (1043) 50-day, (1046) 100-day, (1040) 200-day
ZMV25 Moving Averages – (285.6) 5-day, (285.2) 20-day, (281.0) 50-day, (289.4) 100-day, (300.8) 200-day
ZLV25 Moving Averages – (51.53) 5-day, (51.99) 20-day, (53.37) 50-day, (51.83) 100-day, (47.97) 200-day
The Commitments of Traders report for the week ending September 9 showed soybean Managed Money traders sold -26,678 contracts bringing their bringing their net short position to -14,714 contracts. Producer/Merchants bought 13,546 contracts bringing their net short position to -103,071 contracts. Non-Commercial & Non-Reportable traders net position was -20,588 contracts.
The Commitments of Traders report for the week ending September 9 showed meal Managed Money traders bought 3,737 contracts, bringing their net short position of -85,785 contracts. Producer/Merchants sold -18,479 contracts bringing their net short position to -67,247. Meal Non-Commercial & Non-Reportable traders hold a short position of -38,832 contracts.
The Commitments of Traders report for the week ending September 9 showed bean oil Managed Money traders were net long 3,662 contracts after selling -12,465 contracts. Non-Commercial & Non-Reportable traders net long position was 106,318 contracts.
CORN –
December Corn (ZCZ25) settled at 429 (+6), high of 431, low of 434. March ’26 Corn (ZCH26) settled at 447 (+6). Cash price is 418 (-9)
Corn harvest is now 7% complete. Corn rating stand at 67% good/excellent, down 1 point from last week. Last year at this time, corn ratings were 65% good/excellent. Safras is expecting a bumper crop from Brazil. They forecast Brazil’s total corn harvest at 142.49 mt, compared to 140.05 mt last year. Brazil has been battling dryness, however that is expected to subside over the next 10 days or so as the dry seasons comes to an end. Yesterday, corn saw some profit taking, which came with a drop in open interest. Corn had a strong day today, more upside is likely ahead as long as harvest pressure remains under control.
ZCZ25 Moving Averages – (423) 5-day, (416) 20-day, (413) 50-day, (427) 100-day, (440) 200-day
ZCH26 Moving Averages – (441) 5-day, (434) 20-day, (431) 50-day, (443) 100-day, (453) 200-day
The Commitments of Traders report for the week ending September 9 showed that corn Managed Money sold -8,442 contracts bringing their net position to -9,929 contracts. Producer/Merchants bought 9,487 contracts bringing their net position to -92,370. Non-Commercial & Non-Reportable traders net short position was -123,947 contracts.
WHEAT –
December Chicago Wheat (ZWZ25) settled at 534 (+9), with a high of 534, low of 524. March 26’ Wheat (ZWH26) settled at 551 (+9). Chicago Wheat has a cash price of 466 (+4). December KC Wheat (KEZ25) settled at 523 (+9).
Wheat was the strongest grain today, for the second day in a row, up 8 1/4 cents. Wheat was also up 3 1/2 cents in the overnight. Wheat is seeing some better days after the strong downtrend it’s been in. Winter wheat sowing is 11% complete, compared to the 5-year average at 13%. French SRW production is estimated at 33.3 mt, which is above last month’s estimate at 33.1 mt. At some point all the bearish crop estimates will be priced in and wheat will reverse its trend. Let’s see if this wheat rally can last.
ZWZ25 Moving Averages – (523) 5-day, (525) 20-day, (539) 50-day, (556) 100-day, (581) 200-day
ZWH26 Moving Averages – (541) 5-day, (542) 20-day, (557) 50-day, (575) 100-day, (598) 200-day
The Commitments of Traders report for the week ending September 9 showed that Managed Money traders in the wheat market were net short -92,394 contracts, having decreased their short position by 3,662 contracts. Producer/Merchants bought 9,487 contracts to bring their net short position to -92,370 contracts. Non-Commercial & Non-Reportable traders were net short -83,124 contracts.
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