Soybeans–
There was some profit taking in soybeans today following yesterday’s rally. China bought 16-18 cargoes of US soybeans. China still has 10 mmt to left to go to meet the 12 mmt target, but the pace of exports is picking up. It remains to be seen whether or not China will come through but its looking more likely. The purchase booked yesterday was the largest in 2 years from China. However, exports from China don’t materialize as the market is looking for, there is a gap in the chart at 1070/1060. South America weather has improved and soil conditions are reportedly not an issue any longer.
January Soybeans (ZSF26) settled at 1153 (-3), high of 1169, low of 1147. March ’26 Soybeans (ZSH26) settled at 1160 (-3), high of 1172, low of 1154. Cash price is at 1126 (+33)
December Bean Meal (ZMZ25) settled at 327 (-3.8) high of 331.6, low of 324.5
December Bean Oil (ZLZ25) settled at 52.17 (+1.03) high of 52.48, low of 50.91
Meal to Oil ratio (56.25% Meal – 43.75% Oil)
ZSF26 Moving Averages – (1142) 5-day, (1112) 20-day, (1068) 50-day, (1055) 100-day, (1049) 200-day
ZSH26 Moving Averages – (1151) 5-day, (1122) 20-day, (1081) 50-day, (1069) 100-day, (1059) 200-day
ZMZ25 Moving Averages – (325.8) 5-day, (314.3) 20-day, (293.5) 50-day, (290.0) 100-day, (299.6) 200-day
ZLZ25 Moving Averages – (50.86) 5-day, (50.24) 20-day, (50.57) 50-day, (52.18) 100-day, (49.77) 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 436 (+2), high of 438, low of 433. March ’26 Corn (ZCH26) settled at 449 (+1). Cash price is 426 (+4)
Corn traded close to unchanged today. The WASDE report did not change anything that was not already known about the corn market. Many analysts think yield should go lower than 186.0 bpa given on Friday. Ending stocks are still burdensome above 2 billion bushels. Exports were raised 100 mb above the September figure. Corn may take a breather from here, as that would allow exports to stay competitive and help balance out the heavy supply b funds seem to be very long the grains.
ZCZ25 Moving Averages – (435) 5-day, (431) 20-day, (425) 50-day, (419) 100-day, (435) 200-day
ZCH26 Moving Averages – (449) 5-day, (445) 20-day, (440) 50-day, (436) 100-day, (450) 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 546 (+2), with a high of 549, low of 540. March ‘26 Wheat (ZWH26) settled at 559 (+0.50). Chicago Wheat has a cash price of 542 (+17). December KC Wheat (KEZ25) settled at 526 (-2).
Wheat traded close to unchanged today, similar to corn. The WASDE report on Friday was bearish for wheat and didn’t provide much new information. Domestic ending stocks are still heavy, and world supply is still heavy. Wheat crops are large around the world because of favorable weather conditions. Wheat looks strong technically, along with the other grains. There are no COT reports yet, but funds are estimated to be long the grains. With China buying US soybeans, some may be thinking that China will buy more US wheat than the very small purchase made not long ago.
ZWZ25 Moving Averages – (538) 5-day, (532) 20-day, (520) 50-day, (532) 100-day, (563) 200-day
ZWH26 Moving Averages – (552) 5-day, (547) 20-day, (537) 50-day, (549) 100-day, (581) 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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