Soybeans–
Soybeans traded 5 3/4 cents lower today, after trading down 4 1/4 cents in the overnight. Yesterday, the EPA released a proposal for a 50% or 100% reallocation to larger refiners for the waived obligations of small refiners. The rate cut should help make the dollar weaker, which is supportive of export prices. US soybean prices are still at a discount to South America. President Trump is expected to meet with China’s Xi on Friday. It will be interesting to see how the trade discussion with China goes, other trade negotiations appear to be moving in the right direction. The US has resumed trade talks with India.
November Soybeans (ZSX25) settled at 1044 (-6), high of 1052, low of 1042. January Soybeans (ZSF26) settled at 1063 (-6), high of 1072, low of 1061. Cash price is at 1009 (+8)
October Bean Meal (ZMV25) settled at 284.0 (-1.9) high of 288.1, low of 283.5
October Bean Oil (ZLV25) settled at 51.26 (-1.45) high of 51.69, low of 51.19
The September Meal to Oil ratio (52.30% Meal – 47.70% Oil)
ZSX25 Moving Averages – (1042) 5-day, (1041) 20-day, (1025) 50-day, (1030) 100-day, (1027) 200-day
ZSF26 Moving Averages – (1062) 5-day, (1060) 20-day, (1043) 50-day, (1046) 100-day, (1040) 200-day
ZMV25 Moving Averages – (285.7) 5-day, (284.9) 20-day, (281.2) 50-day, (289.2) 100-day, (300.6) 200-day
ZLV25 Moving Averages – (51.69) 5-day, (51.97) 20-day, (53.32) 50-day, (51.85) 100-day, (48.02) 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 426 (-2), high of 431, low of 425. March ’26 Corn (ZCH26) settled at 444 (-2). Cash price is 417 (-1)
Corn was slightly lower today, after trading 1 cent lower in the overnight. Corn was strong this morning but faded the rest of the day. Forecasts now show some chance of the rain for the eastern corn belt, with better chances for heavy rain in the central and western parts of the Midwest. LSEG lowered their estimate for EU corn production to 57.5 mt, down 2.4%. The reason for the lower production estimate is reduced output in the eastern part of the EU particularly, Romania and Bulgaria. Outside the EU, Ukraine’s production estimate was raised to 34 mt, from 32 mt previously. On yesterday’s rally corn open interest was 25,000 contracts, suggesting new long positions being opened.
ZCZ25 Moving Averages – (425) 5-day, (417) 20-day, (414) 50-day, (426) 100-day, (440) 200-day
ZCH26 Moving Averages – (443) 5-day, (435) 20-day, (431) 50-day, (443) 100-day, (454) 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 528 (-5), with a high of 535, low of 526. March 26’ Wheat (ZWH26) settled at 547 (-5). Chicago Wheat has a cash price of 475 (+9). December KC Wheat (KEZ25) settled at 557 (-5).
Wheat was lower today after a couple of sessions in a row of higher trading. The overnight was quiet, with wheat down 1/4 cents. Another higher wheat production estimate came in from LSEG. Russia’s wheat crop is now estimated at 84.7 mt, which 1.5% of above the prior forecast. After some short covering wheat is now moving lower. The US dollar is on its lows but Russian and French wheat are still more competitive than domestic wheat. Keep an eye on the wheat market to see if it can pick a direction going forward.
ZWZ25 Moving Averages – (526) 5-day, (525) 20-day, (538) 50-day, (555) 100-day, (580) 200-day
ZWH26 Moving Averages – (544) 5-day, (543) 20-day, (556) 50-day, (574) 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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