Soybeans–
Soybeans reacted well to yesterday’s social media post by President Trump where he mentioned the possibility of terminating cooking oil imports from China because of the lack of soybean purchases. Soybeans traded close to unchanged, after a 4 1/4 cent slip in the overnight session. Soybean meal had a strong reaction to Trump’s comments, trading 1.60 higher. Soybean oil closed the day up 0.26 cents. Chinese cooking oil imports are currently down 65% on the year. Trump called China’s lack of soybean purchases an “economically hostile act.” Trade talks seem pretty unpredictable going forward, but we’ll see who blinks first.
November Soybeans (ZSX25) settled at 1006 (unchanged), high of 1011, low of 1002. January Soybeans (ZSF26) settled at 1024 (unchanged), high of 1029, low of 1020. Cash price is at 968 (+2)
December Bean Meal (ZMZ25) settled at 275.9 (+1.6) high of 277.1, low of 273.0
December Bean Oil (ZLZ25) settled at 50.80 (+0.23) high of 51.43, low of 50.50
The September Meal to Oil ratio (52.07% Meal – 47.93% Oil)
ZSX25 Moving Averages – (1010) 5-day, (1015) 20-day, (1026) 50-day, (1026) 100-day, (1029) 200-day
ZSF26 Moving Averages – (1027) 5-day, (1033) 20-day, (1045) 50-day, (1043) 100-day, (1043) 200-day
ZMZ25 Moving Averages – (275.2) 5-day, (276.9) 20-day, (284.1) 50-day, (288.5) 100-day, (301.3) 200-day
ZLZ25 Moving Averages – (50.58) 5-day, (50.37) 20-day, (51.71) 50-day, (52.22) 100-day, (49.00) 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 416 (+3), high of 418, low of 411. March ’26 Corn (ZCH26) settled at 432 (+3). Cash price is 401 (+9)
Corn traded 4 1/4 cents higher. The longer corn can consolidate between 410 and 420 the better chance it has to make a move higher. Since the dip to 392 in August, corn has held 400 supports very well. The July ’26 contract saw an increase in open interest yesterday on the move higher which indicates new buying. Agrimer estimates EU corn ending stocks at 1.95 mt, compared to 2.23 mt last month. The near-term forecast shows wetter weather for the corn belt, while the extended forecast shifts drier again. It looks like corn could be getting ready for a rally, as long as no major negative news comes out.
ZCZ25 Moving Averages – (414) 5-day, (419) 20-day, (415) 50-day, (421) 100-day, (438) 200-day
ZCH26 Moving Averages – (430) 5-day, (436) 20-day, (432) 50-day, (438) 100-day, (452) 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 498 (-1), with a high of 501, low of 494. March 26’ Wheat (ZWH26) settled at 515 (-1). Chicago Wheat has a cash price of 481 (+2). December KC Wheat (KEZ25) settled at 488 (-0.25).
Wheat traded slightly lower, after a 3 cent drop in the overnight session. Wheat is still trading near that psychological resistance level at 500. CONAB estimate for Brazil wheat showed higher yields and ending stocks. LSEG left its production estimates for the EU and UK unchanged. Exports for the week ending October 9, were up 17% from September last year. Exports for the year are up 18%. Top export destinations were Mexico, Japan, and the Philippines. Wheat sentiment continues to remain bearish. The trading range has been tighter lately with no larges moves in either direction.
ZWZ25 Moving Averages – (500) 5-day, (511) 20-day, (520) 50-day, (544) 100-day, (572) 200-day
ZWH26 Moving Averages – (517) 5-day, (529) 20-day, (538) 50-day, (563) 100-day, (590) 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.
Open An Account
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.