Soybeans–
Soybeans traded 5 cents higher, after trading 3 1/4 cents higher in the overnight session. Soybeans continue to respond well to the increasing trade tensions. Treasury Secretary Bessent mentioned this morning that a trade truce is likely going forward, instead of the current and proposed tariff schedule. Trump and Xi’s meeting at the end of the month is still in question. Right now, the deadline before a 100% tariff on China is set at November 1. A trade deal with India was looking like it could it happen soon. However, it was reported that President Trump did not have a phone call with Modi, and India continues to buy Russian oil. The soybean chart still looks choppy. A close over 10.40 would be bullish and could start a rally.
November Soybeans (ZSX25) settled at 1010 (+4), high of 1019, low of 1006. January Soybeans (ZSF26) settled at 1028 (+4), high of 1037, low of 1023. Cash price is at 967 (-1)
December Bean Meal (ZMZ25) settled at 276.9 (+1.0) high of 277.5, low of 274.5
December Bean Oil (ZLZ25) settled at 50.87 (+0.07) high of 51.77, low of 50.80
The September Meal to Oil ratio (52.07% Meal – 47.93% Oil)
ZSX25 Moving Averages – (1007) 5-day, (1014) 20-day, (1027) 50-day, (1026) 100-day, (1029) 200-day
ZSF26 Moving Averages – (1025) 5-day, (1032) 20-day, (1046) 50-day, (1043) 100-day, (1043) 200-day
ZMZ25 Moving Averages – (275.2) 5-day, (276.5) 20-day, (284.0) 50-day, (288.2) 100-day, (301.1) 200-day
ZLZ25 Moving Averages – (50.56) 5-day, (50.36) 20-day, (51.65) 50-day, (52.23) 100-day, (49.05) 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 421 (+5), high of 423, low of 416. March ’26 Corn (ZCH26) settled at 435 (+3). Cash price is 404 (+3)
Corn traded 5 cents higher today, after a 1/2 cent gain in the overnight session. Harvest pace is expected to slower, with rain coming into the corn belt over the next week. Rain delays are expected to be minor. Harvest is estimated at 50% complete. Corn open interest continues to show buying in the July ’26 contract, while December corn open interest continues to decrease. The corn chart is testing the 14 and 21-day moving averages. Corn has rallied 14 cents already in 3 days.
ZCZ25 Moving Averages – (415) 5-day, (419) 20-day, (415) 50-day, (421) 100-day, (438) 200-day
ZCH26 Moving Averages – (430) 5-day, (436) 20-day, (433) 50-day, (438) 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 502 (+3), with a high of 503, low of 495. March 26’ Wheat (ZWH26) settled at 518 (+3). Chicago Wheat has a cash price of 480 (-1). December KC Wheat (KEZ25) settled at 488 (+0.50).
Wheat traded higher again, after 2 1/2 cents lower in the overnight session. There has been some speculation that President Trump will turn his attention on the war in Ukraine and Russia, after completing the peace deal in the Middle East. Funds are likely continuing to short the wheat market. There are still no Commitment of Trader’s reports, however open interest has been rising during the downtrend. The wheat market may continue to stay near support until there’s a new catalyst in either direction.
ZWZ25 Moving Averages – (499) 5-day, (510) 20-day, (520) 50-day, (543) 100-day, (572) 200-day
ZWH26 Moving Averages – (516) 5-day, (528) 20-day, (538) 50-day, (562) 100-day, (590) 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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