Soybeans–
Soybeans traded slightly higher, after trading 2 cents lower in the overnight session. China is making large purchases in soybeans from Argentina, along with purchases in soybean oil. In short order, Argentina exported 2.7 mt of soybeans and 905k tons of soybean oil. India also bought 300k tons of Argentina’s soybean oil. Due to large purchases of soybeans from the world’s largest exporter of soybean products crush rates may fall and raise prices for soybean meal and soybean oil. A German oil seed analyst believes that soybean oil prices are undervalued at current levels. Soybean will likely be stuck in a range until there’s more clarity on a deal with China.
November Soybeans (ZSX25) settled at 1013 (+1), high of 1015, low of 1008. January Soybeans (ZSF26) settled at 1033 (+1), high of 1034, low of 1028. Cash price is at 971 (+3)
October Bean Meal (ZMV25) settled at 268.8(+0.2) high of 270.6, low of 268.0
October Bean Oil (ZLV25) settled at 49.60 (-0.14) high of 50.07, low of 49.37
The September Meal to Oil ratio (51.72% Meal – 48.28% Oil)
ZSX25 Moving Averages – (1011) 5-day, (1030) 20-day, (1025) 50-day, (1030) 100-day, (1027) 200-day
ZSF26 Moving Averages – (1031) 5-day, (1049) 20-day, (1044) 50-day, (1046) 100-day, (1041) 200-day
ZMV25 Moving Averages – (272.6) 5-day, (280.5) 20-day, (281.0) 50-day, (287.5) 100-day, (299.6) 200-day
ZLV25 Moving Averages – (49.43) 5-day, (50.76) 20-day, (52.71) 50-day, (51.89) 100-day, (48.28) 200-day
The Commitments of Traders report for the week ending September 16 showed soybean Managed Money traders bought 17,001 contracts bringing their bringing their net long position to 2,287 contracts. Producer/Merchants sold -16,603 contracts bringing their net short position to -119,674 contracts. Non-Commercial & Non-Reportable traders net position was -118 contracts.
The Commitments of Traders report for the week ending September 19 showed meal Managed Money traders bought 3,013 contracts, bringing their net short position of -82,772 contracts. Producer/Merchants bought 919 contracts bringing their net short position to -66,328. Meal Non-Commercial & Non-Reportable traders hold a long position of -40,540 contracts.
The Commitments of Traders report for the week ending September 19 showed bean oil Managed Money traders were net long 21,388 contracts after buying 17,726 contracts. Non-Commercial & Non-Reportable traders net long position was 43,179 contracts.
CORN –
December Corn (ZCZ25) settled at 423 (-3), high of 425, low of 421. March ’26 Corn (ZCH26) settled at 438 (-3). Cash price is 416 (+1)
After a quiet overnight session, corn saw some harvest pressure today. Exports came in strong yesterday, but volume has slipped this week. Top buyers on yesterday’s export report were Mexico, Uknown, Colombia, and Spain. The export report showed the largest weekly corn sales since October 2024. Weather has been unusually warm this time of year in the Midwest. Conditions for harvest are largely favorable with the warmer dryer weather. These conditions are expected to remain for at least the next 10 days. In the 11-15 day forecast some rain has a change of returning. President Trump said yesterday that a farmer aid package is in the works, which will be funded from tariff revenues.
ZCZ25 Moving Averages – (424) 5-day, (422) 20-day, (414) 50-day, (425) 100-day, (439) 200-day
ZCH26 Moving Averages – (440) 5-day, (440) 20-day, (432) 50-day, (441) 100-day, (453) 200-day
The Commitments of Traders report for the week ending September 19 showed that corn Managed Money bought 19,878 contracts bringing their net position to -80,051 contracts. Producer/Merchants sold -15,920 contracts bringing their net position to -108,290. Non-Commercial & Non-Reportable traders net short position was -102,799 contracts.
WHEAT –
December Chicago Wheat (ZWZ25) settled at 519 (-7), with a high of 527, low of 518. March 26’ Wheat (ZWH26) settled at 538 (-6). Chicago Wheat has a cash price of 472 (+7). December KC Wheat (KEZ25) settled at 505 (-6).
Wheat sold today after trading 3 1/4 cent lower in the overnight session. SovEcon cut their Russian export estimate to 43.4 mt, from 43.7 mt previously. Russia’s exports declined 29% from July to September. Yesterday’s export report came in strong, with the top buyers being the Philippines, Italy, and Indonesia. New crop estimates keep estimating higher production figures around the world. The dry season in South America is now over, and Argentina has seen solid rains for its wheat crop. Meanwhile, the EU raised their total grain output for this season to 282.2 mt , from 276.9 mt last month.
ZWZ25 Moving Averages – (519) 5-day, (523) 20-day, (532) 50-day, (552) 100-day, (578) 200-day
ZWH26 Moving Averages – (538) 5-day, (540) 20-day, (550) 50-day, (571) 100-day, (595) 200-day
The Commitments of Traders report for the week ending September 19 showed that Managed Money traders in the wheat market were net short -85,825 contracts, having decreased their short position by 6,569 contracts. Producer/Merchants sold -7,2402 contracts to bring their net short position to 13,618 contracts. Non-Commercial & Non-Reportable traders were net short -75,203 contracts.
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