Soybeans–
Soybeans closed higher on Friday continuing the rally. The rally is because of Chinese soybean purchases following the APEC Summit. It was reported that China bought 4 more cargoes of soybeans from the US yesterday. The APEC Summit resulted in an agreement that China would by 12 mt during the current export window and 25 mt each year for the next 3 years. Soybean meal is rallying hard, now up 13 days in a row. Soybean oil continues to move lower. Meal is starting to look overbought.
January Soybeans (ZSF26) settled at 1115 (7), high of 1115, low of 1101. March ’26 Soybeans (ZSH26) settled at 1123 (+8), high of 1124, low of 1109. Cash price is at 1058 (+11)
December Bean Meal (ZMZ25) settled at 321.6 (+6) high of 323.3, low of 313
December Bean Oil (ZLZ25) settled at 49.68 (-0.97) high of 49.84, low of 49.56
Meal to Oil ratio (56.925% Meal – 44.075% Oil)
ZSF26 Moving Averages – (1099) 5-day, (1054) 20-day, (1051) 50-day, (1046) 100-day, (1045) 200-day
ZSH26 Moving Averages – (1109) 5-day, (1067) 20-day, (1066) 50-day, (1060) 100-day, (1053) 200-day
ZMZ25 Moving Averages – (310.1) 5-day, (288.3) 20-day, (285.4) 50-day, (287.1) 100-day, (299.7) 200-day
ZLZ25 Moving Averages – (49.90) 5-day, (50.52) 20-day, (51.10) 50-day, (52.47) 100-day, (49.46) 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 431 (+1), high of 432, low of 426. March ’26 Corn (ZCH26) settled at 444 (+0.25). Cash price is 429 (-3)
After yesterday’s sell-off, corn was slightly positive on the day. This comes after corn traded 2 cents lower in the overnight session. Weather is expected to be slightly warmer and drier over then two weeks which should provide favorable conditions as harvest finishes up. Corn exports have been good, and US corn is the cheapest available for export so corn will likely have good support next week. Corn limits will be adjusted 5 cents lower 30 cents starting next week. French harvest is estimated 82% complete versus the average at 74% complete. The EU production is unchanged from September at 56.8 mt.
ZCZ25 Moving Averages – (431) 5-day, (422) 20-day, (421) 50-day, (419) 100-day, (436) 200-day
ZCH26 Moving Averages – (445) 5-day, (437) 20-day, (437) 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 534 (+8), with a high of 549, low of 534. March ‘26 Wheat (ZWH26) settled at 548 (+8). Chicago Wheat has a cash price of 505 (-8). December KC Wheat (KEZ25) settled at 524 (+11).
Surprisingly wheat traded nearly 10 cents higher today, after a 5 1/2 cent drop in the overnight session. No wheat imports were mentioned by China at the APEC meetings. Russian and French wheat are now cheaper than US wheat due to the rally. Wheat is no doubt seeing some short covering and likely some technical buying during this reversal of the trend. Fears regarding frost damage to wheat areas in Argentina have offered support. Open interest has fallen over the past 10 trading days. The EU estimates production at 133.4 mt, up 800k from the prior estimate.
ZWZ25 Moving Averages – (529) 5-day, (510) 20-day, (517) 50-day, (537) 100-day, (567) 200-day
ZWH26 Moving Averages – (544) 5-day, (527) 20-day, (534) 50-day, (555) 100-day, (585) 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.
If you’re ready to start trading, click the link below to open an account with Walsh Trading, Inc.
Hans Schmit
Account Executive Walsh Trading
Direct 312-765-7311
Toll Free 800-993-5449
Fax 312 256 0109 fax
hschmit@walshtrading.com
Walsh Trading, Inc. is registered as a Guaranteed Introducing Broker with the Commodity Futures Trading Commission and an NFA Member.
Futures and options trading involves substantial risk and is not suitable for all investors. Therefore, individuals should carefully consider their financial condition in deciding whether to trade. Option traders should be aware that the exercise of a long option will result in a futures position. The valuation of futures and options may fluctuate, and as a result, clients may lose more than their original investment. The information contained on this site is the opinion of the writer or was obtained from sources cited within the commentary. The impact on market prices due to seasonal or market cycles and current news events may already be reflected in market prices. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. All information, communications, publications, and reports, including this specific material, used and distributed by Walsh Trading, Inc. (“WTI”) shall be construed as a solicitation for entering into a derivatives transaction. WTI does not distribute research reports, employ research analysts, or maintain a research department as defined in CFTC Regulation 1.71.