Soybeans–
Soybeans were down 3 cents today, after trading 4 cents lower in the overnight session. There was a flash sale this morning for 101k mt of soybean cake for delivery to Guatemala for the 2025/26 marketing year. China bought more cargoes of soybeans from Argentina, bringing their total to ~20 this week. The EU announced that they will be delaying their anti-deforestation law for another year, which is bearish for soybean meal prices. A new estimate came in for domestic soybean yield at 52 bpa, compared to the USDA at 53.5 bpa.
November Soybeans (ZSX25) settled at 1009 (-3), high of 1020, low of 1005. January Soybeans (ZSF26) settled at 1028 (-3), high of 1039, low of 1025. Cash price is at 971 (+2)
October Bean Meal (ZMV25) settled at 271.7 (-3.4) high of 276.5, low of 271.1
October Bean Oil (ZLV25) settled at 49.29 (-0.06) high of 50.01, low of 48.87
The September Meal to Oil ratio (52.16% Meal – 47.84% Oil)
ZSX25 Moving Averages – (1019) 5-day, (1034) 20-day, (1026) 50-day, (1030) 100-day, (1027) 200-day
ZSF26 Moving Averages – (1038) 5-day, (1053) 20-day, (1045) 50-day, (1046) 100-day, (1041) 200-day
ZMV25 Moving Averages – (280.4) 5-day, (284.7) 20-day, (286.1) 50-day, (292.9) 100-day, (303.9) 200-day
ZLV25 Moving Averages – (49.68) 5-day, (51.03) 20-day, (52.93) 50-day, (51.87) 100-day, (48.21) 200-day
The Commitments of Traders report for the week ending September 16 showed soybean Managed Money traders bought 17,001 contracts bringing their bringing their net long position to 2,287 contracts. Producer/Merchants sold -16,603 contracts bringing their net short position to -119,674 contracts. Non-Commercial & Non-Reportable traders net position was -118 contracts.
The Commitments of Traders report for the week ending September 19 showed meal Managed Money traders bought 3,013 contracts, bringing their net short position of -82,772 contracts. Producer/Merchants bought 919 contracts bringing their net short position to -66,328. Meal Non-Commercial & Non-Reportable traders hold a long position of -40,540 contracts.
The Commitments of Traders report for the week ending September 19 showed bean oil Managed Money traders were net long 21,388 contracts after buying 17,726 contracts. Non-Commercial & Non-Reportable traders net long position was 43,179 contracts.
CORN –
December Corn (ZCZ25) settled at 424 (-2), high of 427, low of 423. March ’26 Corn (ZCH26) settled at 441 (-2). Cash price is 414 (+5)
There was a flash sales this morning for 312k mt of corn for delivery to Mexico during the 2025/26 marketing year. There have now been 6 flash sales since early last week, showing that demand is picking up. Private analysts are estimating yields lower, compared to the USDA. With recent estimates at 182 bpa from Dr. Cordonnier and 182.7 bpa from Pro Farmer. There’s been rumors that the government is going to pay ranchers to retain heifers, this could be a bullish factor for corn long-term if herd sizes start to rebuild. In other news, John Deere reported layoffs this week which demonstrates the need for better Ag policies.
ZCZ25 Moving Averages – (424) 5-day, (421) 20-day, (414) 50-day, (425) 100-day, (439) 200-day
ZCH26 Moving Averages – (441) 5-day, (438) 20-day, (432) 50-day, (442) 100-day, (453) 200-day
The Commitments of Traders report for the week ending September 19 showed that corn Managed Money bought 19,878 contracts bringing their net position to -80,051 contracts. Producer/Merchants sold -15,920 contracts bringing their net position to -108,290. Non-Commercial & Non-Reportable traders net short position was -102,799 contracts.
WHEAT –
December Chicago Wheat (ZWZ25) settled at 519 (-1), with a high of 524, low of 519. March 26’ Wheat (ZWH26) settled at 538 (-1). Chicago Wheat has a cash price of 465 (+9). December KC Wheat (KEZ25) settled at 506 (-4).
Wheat had a nice bounce yesterday, with a 2,300 drop in open interest. Today, wheat closed nearly unchanged. Idaho inked a deal $1.2 billion dollar deal with Taiwan to support wheat exports over the next 3 years. Demand has been strong this week. Algeria bought 600k tons of milling wheat, along with small purchases from Bangladesh, Syria, and South Korea. Analysts in Europe, estimate Ukraine’s winter wheat sowing at 14% complete.
ZWZ25 Moving Averages – (519) 5-day, (523) 20-day, (534) 50-day, (553) 100-day, (578) 200-day
ZWH26 Moving Averages – (538) 5-day, (540) 20-day, (552) 50-day, (572) 100-day, (596) 200-day
The Commitments of Traders report for the week ending September 19 showed that Managed Money traders in the wheat market were net short -85,825 contracts, having decreased their short position by 6,569 contracts. Producer/Merchants sold -7,2402 contracts to bring their net short position to 13,618 contracts. Non-Commercial & Non-Reportable traders were net short -75,203 contracts.
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