Soybeans–
Soybeans traded 7 cents lower during the overnight session and continued lower today. Soybeans are now trading below 1100. The December WASDE report will be released tomorrow morning. In November, the USDA estimated ending stocks at 290 mb. The average estimate for endings stocks on tomorrow’s report is 302 mb. The high estimate has ending stocks at 385 mb, while the low is 250 mb. Brazil planting is estimated at 94% complete, while Argentina is close to halfway done. Now that soybeans are below 1100, export pace may pick up. The next target to the downside is 1080.
January Soybeans (ZSF26) settled at 1093 (-11), high of 1107, low of 1092. March ’26 Soybeans (ZSH26) settled at 1105 (-10), high of 1118, low of 1104. Cash price is at 1077 (-15)
January Bean Meal (ZMF26) settled at 306.3 (-1.1) high of 308.9, low of 304.3
January Bean Oil (ZLF26)) settled at 51.18 (-0.51) high of 51.71, low of 51.08
Meal to Oil ratio (54.475% Meal – 45.525% Oil)
ZSF26 Moving Averages – (1111) 5-day, (1128) 20-day, (1088) 50-day, (1066) 100-day, (1053) 200-day
ZSH26 Moving Averages – (1122) 5-day, (1137) 20-day, (1099) 50-day, (1079) 100-day, (1063) 200-day
ZMF26 Moving Averages – (309.6) 5-day, (318.9) 20-day, (304.3) 50-day, (296.8) 100-day, (301.8) 200-day
ZLF26 Moving Averages – (51.80) 5-day, (51.34) 20-day, (50.92) 50-day, (52.07) 100-day, (50.29) 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 444 (-1) (ZCH26) high of 447, low of 442. May ’26 Corn (ZCH26) settled at 451 (-2). Cash price is 434 (-2)
Corn traded close to unchanged in the overnight session and was slightly lower today. Corn is having trouble breaking the psychological resistance at 450. A favorable WASDE report could help corn break resistance. On the November report, ending stocks were estimated at 2,154 bb. On tomorrow’s report, ending stocks are estimated at 2,146 bb on average. The high estimate for ending stocks is 2,370 bb and the low is 2,037. The yield was only lowered from 186.7 to 186.0 on the November report. Many are expecting to see yield decreased further. If yield isn’t adjusted lower on tomorrow’s report it likely happens in January.
ZCH26 Moving Averages – (445) 5-day, (444) 20-day, (440) 50-day, (436) 100-day, (447) 200-day
ZCK26 Moving Averages – (453) 5-day, (452) 20-day, (449) 50-day, (445) 100-day, (456) 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 534 (-1), with a high of 540, low of 532. May ‘26 Wheat (ZWK26) settled at 542 (-0.50). Chicago Wheat has a cash price of 536 (-4). March KC Wheat (KEZ25) settled at 526 (-4).
Wheat was up 1 3/4 cents in the overnight session but traded lower during today’s session. Wheat ending stocks are estimated at 894 mb for tomorrow’s report. The last report had ending stocks at 901 mb. World production is expected to increase due to a record crop in Argentina, in addition to bumper crops in Canada and Ukraine. US export inspections are 20% higher than last year as of November 27. Over the last 9 weeks exports averaged 13.7 mb per week, compared to 21 mb per week from June-September. Last week export inspections were 14.5 mb.
ZWH26 Moving Averages – (538) 5-day, (543) 20-day, (537) 50-day, (543) 100-day, (573) 200-day
ZWK26 Moving Averages – (545) 5-day, (552) 20-day, (547) 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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