Soybeans–
Soybeans saw some profit taking after some higher prices this week. Part of the drop today could also be some buy the rumor sell the fact, as it was confirmed that China’s Xi will be attending the APEC Summit. President Trump plans to meet with Japan on Tuesday, South Korea on Wednesday, and China on Thursday next week. The IGC estimates world soybean stocks 79 mt, compared to the previous estimate last month at 83 mt. Rain is in the forecast again next week for the Midwest, but harvest weather is expected to stay favorable. Soybean meal continues to rally due to strong demand. Soybean oil traded lower after yesterday’s rally. Soybean oil is starting to look attractive at these prices.
January Soybeans (ZSF26) settled at 1062 (-1), high of 1063, low of 1058. March ’26 Soybeans (ZSF26) settled at 1073 (-1), high of 1076, low of 1072. Cash price is at 1009 (+12)
December Bean Meal (ZMZ25) settled at 294.1 (+1.8) high of 294.6, low of 291.7
December Bean Oil (ZLZ25) settled at 50.27 (-0.60) high of 50.91, low of 50.24
Meal to Oil ratio (53.67% Meal – 46.33% Oil)
ZSF26 Moving Averages – (1054) 5-day, (1037) 20-day, (1047) 50-day, (1043) 100-day, (1043) 200-day
ZSH26 Moving Averages – (1067) 5-day, (1052) 20-day, (1063) 50-day, (1057) 100-day, (1052) 200-day
ZMZ25 Moving Averages – (289.7) 5-day, (279.7) 20-day, (283.7) 50-day, (287.0) 100-day, (299.9) 200-day
ZLZ25 Moving Averages – (50.63) 5-day, (50.55) 20-day, (51.39) 50-day, (52.37) 100-day, (49.34) 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 423 (-4), high of 427, low of 423. March ’26 Corn (ZCH26) settled at 437 (-4). Cash price is 416 (+5)
Similar to soybeans, corn saw some profit taking to end the week. Corn had a small rally this week, so it’s not surprising to see some traders taking risk-off. Open interest increased by 15,000 contracts yesterday. There will undoubtably be some trade updates happening over the weekend, with the way Trump’s comments have been moving the market lately. Corn has rallied, despite peak harvest pressure. The next resistance levels for December corn are 428 and 431 1/4. The IGC has corn ending stocks up 5 mt from last month to 299 mt.
ZCZ25 Moving Averages – (423) 5-day, (419) 20-day, (418) 50-day, (420) 100-day, (437) 200-day
ZCH26 Moving Averages – (437) 5-day, (434) 20-day, (435) 50-day, (437) 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 512 (-0.50), with a high of 515, low of 509. March ‘26 Wheat (ZWH26) settled at 528 (-0.25). Chicago Wheat has a cash price of 494 (+9). December KC Wheat (KEZ25) settled at 501 (+1).
Wheat is starting to see some bullish news flow, but sentiment remains bearish. US sanctions on Russian oil will impact Russian exports just as they have started gaining momentum. The IGC estimates world wheat stock 5 mt higher from last month at 275 mt. Argentina has favorable crop conditions at 88% good/excellent, compared to only 38% this time last year. Russia is also reporting their wheat crop at 8% above last year’s crop. The wheat market saw some short covering this week. The support level to watch is 508, while resistance is at 517. Wheat likely continues to be choppy in the near-term.
ZWZ25 Moving Averages – (506) 5-day, (506) 20-day, (517) 50-day, (539) 100-day, (569) 200-day
ZWH26 Moving Averages – (522) 5-day, (523) 20-day, (534) 50-day, (558) 100-day, (587) 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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