Soybeans–
Soybeans were up 2 1/2 cents in the overnight session but reversed during today’s session. China bought more US soybeans yesterday. If soybeans continue to fall China could step up their purchases. China also bought soybeans from Brazil yesterday. China is still working to meet the 12 mmt target by the end of the year. Brazil’s planting pace is estimated at 86% complete, which is 1.5 points behind the average pace. Brazil still needs more soil moisture to avoid future crop stress. Weather in South America could limit how far prices fall.
January Soybeans (ZSF26) settled at 1115 (-9), high of 1130, low of 1115. March ’26 Soybeans (ZSH26) settled at 1125 (-9), high of 1140, low of 1125. Cash price is at 1095 (-4)
January Bean Meal (ZMF26) settled at 311.3 (-0.3) high of 314.1, low of 310.6
January Bean Oil (ZLF26)) settled at 51.67 (-1.01) high of 52.76, low of 51.63
Meal to Oil ratio (54.650% Meal – 45.350% Oil)
ZSF26 Moving Averages – (1127) 5-day, (1130) 20-day, (1084) 50-day, (1064) 100-day, (1052) 200-day
ZSH26 Moving Averages – (1137) 5-day, (1139) 20-day, (1095) 50-day, (1077) 100-day, (1062) 200-day
ZMF26 Moving Averages – (315.3) 5-day, (320.7) 20-day, (302.5) 50-day, (296.1) 100-day, (301.9) 200-day
ZLZF26 Moving Averages – (51.96) 5-day, (51.09) 20-day, (50.86) 50-day, (52.18) 100-day, (50.22) 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 –
March ’26 Corn settled at 443 (-6) (ZCH26) high of 450, low of 442. May ’26 Corn (ZCH26) settled at 450 (-6). Cash price is 439 (-5)
Corn was down 2 3/4 in the overnight session and continued lower today. As of October 21, managed money was short 160k corn contracts. It seems likely that funds have a short position below 100k now. Open interest was up nearly 17k contracts yesterday on the move higher. Dry weather in Brazil is likely supporting the market, in addition to seasonal strength. Brazil’s first crop corn planting is estimated at 66% complete, which is 1% behind the average pace. Corn looks technically strong trading above the 14-day, 50-day, and 200-day moving average.
ZCH26 Moving Averages – (446) 5-day, (444) 20-day, (440) 50-day, (436) 100-day, (448) 200-day
ZCK26 Moving Averages – (454) 5-day, (452) 20-day, (449) 50-day, (445) 100-day, (457) 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 –
March Chicago Wheat (ZWH26) settled at 538 (-2), with a high of 542, low of 537. May ‘26 Wheat (ZWK26) settled at 545 (-2). Chicago Wheat has a cash price of 542 (+6). March KC Wheat (KEZ25) settled at 521 (-2).
Wheat was lower in the overnight session and again today, after leading the grains higher yesterday. The wheat chart looks extremely choppy recently with the market struggling to pick a direction. Putin has threatened Ukraine’s grain infrastructure, after an attack on a Russian tanker yesterday. Shipping risks have increased Black Sea wheat export prices, which is bullish for US exports. The latest COT data available shows funds short over 100k wheat contracts, in addition to a sizeable short position in KC and a smaller short position in Minneapolis wheat. Lower temperatures could be supportive of price but snow has helped crop conditions. More short covering may be possible, but wheat has struggled to pick a direction lately.
ZWH26 Moving Averages – (538) 5-day, (546) 20-day, (537) 50-day, (545) 100-day, (575) 200-day
ZWK26 Moving Averages – (546) 5-day, (555) 20-day, (547) 50-day, (556) 100-day, (586) 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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