Soybeans–
Soybeans were today, as China cut the tariff on US soybeans from 23% to 13%. Hopefully China can get more soybean purchases done before the end of the year. The purchases made by China thus far haven’t been anything major but they’ve helped prices move in the right direction. Bessent said yesterday that Trump and Xi may meet in South Africa for the G20 Summit at the end of November. Bangladesh has agreed to buy $1 billion of US soybeans. Soybean open interest has increased during the rally, which is a good sign. Open interest yesterday increased 16,00 contracts and has been higher each of the last 10 days.
January Soybeans (ZSF26) settled at 1134 (+12), high of 1137, low of 1116. March ’26 Soybeans (ZSH26) settled at 1142 (+12, high of 1137, low of 1116. Cash price is at 1089 (-11)
December Bean Meal (ZMZ25) settled at 324.8 (+7.4) high of 325.1, low of 316.1
December Bean Oil (ZLZ25) settled at 49.69 (+0.16) high of 49.91, low of 49.30
Meal to Oil ratio (56.925% Meal – 44.075% Oil)
ZSF26 Moving Averages – (1122) 5-day, (1068) 20-day, (1055) 50-day, (1048) 100-day, (1046) 200-day
ZSH26 Moving Averages – (1129) 5-day, (1080) 20-day, (1069) 50-day, (1062) 100-day, (1055) 200-day
ZMZ25 Moving Averages – (320) 5-day, (294.8) 20-day, (287.0) 50-day, (287.5) 100-day, (299.8) 200-day
ZLZ25 Moving Averages – (49.48) 5-day, (50.33) 20-day, (50.81) 50-day, (52.48) 100-day, (49.53) 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 435 (+3), high of 436, low of 428. March ’26 Corn (ZCH26) settled at 449 (+4). Cash price is 426 (-2)
Corn was higher again today. Corn may see a seasonal slowdown towards the end of November and beginning of December time period. The November WASDE could be a quiet report. The USDA may decide to leave yield unchanged until January. S&P Global left its yield estimate unchanged at 185.5 bpa, compared to the USDA 186.7 bpa. Brazil is not fully planted yet, but crop conditions are improving with rains coming in. Brazil was dealing with dryness in some corn areas. Ethanol production continues to be very strong domestically.
ZCZ25 Moving Averages – (432) 5-day, (424) 20-day, (422) 50-day, (419) 100-day, (436) 200-day
ZCH26 Moving Averages – (445) 5-day, (438) 20-day, (438) 50-day, (436) 100-day, (451) 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 554 (+4), with a high of 555, low of 546. March ‘26 Wheat (ZWH26) settled at 568 (+5). Chicago Wheat has a cash price of 544 (+12). December KC Wheat (KEZ25) settled at 540 (+3).
Wheat was higher again today. Fundamentals are still bearish but shorts continue to face pressure from higher prices and are forced to cover their positions. China will be removing its tariff on US wheat imports on November 10. LSEG has its forecast for new crop Russian wheat at 81.4 mmt, compared to the USDA’s estimate at 85.0 mmt. LSEG’s forecast for EU and UK wheat is unchanged at 147.1 mmt. The rising dollar and higher wheat prices are a negative for exports. US wheat is more expensive for importers than Russian and French wheat. Wheat prices may come back to earth over the next few weeks, however the technical outlook is now bullish.
ZWZ25 Moving Averages – (541) 5-day, (516) 20-day, (518) 50-day, (536) 100-day, (567) 200-day
ZWH26 Moving Averages – (555) 5-day, (532) 20-day, (535) 50-day, (554) 100-day, (584) 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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