Soybeans–
Soybeans were higher again today, after trading 6 1/2 cents in the overnight session. The November WASDE will be released on Friday. Most analyst are predicting a small decrease in yield on this report. The government is expected to reopen soon, possibly on Friday. Once the government reopens, more data will be available about exports and fund positioning. The soybean market may see increased volatility leading into the WASDE report and ahead of the government’s possible reopening. Argentina soybeans conditions have been favorable, while Brazil has been dry. Brazil is expecting to see rains later in the week, which will improve soil conditions. Soybean meal was higher, along with soybean oil.
January Soybeans (ZSF26) settled at 1130 (+13), high of 1140, low of 1127. March ’26 Soybeans (ZSH26) settled at 1139 (+13), high of 1140, low of 1127. Cash price is at 1085 (+10)
December Bean Meal (ZMZ25) settled at 320.0 (+2.9) high of 320.2, low of 316.3
December Bean Oil (ZLZ25) settled at 50.58 (+0.90) high of 50.60, low of 49.58
Meal to Oil ratio (56.075% Meal – 43.925% Oil)
ZSF26 Moving Averages – (1122) 5-day, (1081) 20-day, (1058) 50-day, (1050) 100-day, (1047) 200-day
ZSH26 Moving Averages – (1130) 5-day, (1092) 20-day, (1072) 50-day, (1064) 100-day, (1056) 200-day
ZMZ25 Moving Averages – (318.4) 5-day, (301.0) 20-day, (288.7) 50-day, (288.1) 100-day, (299.6) 200-day
ZLZ25 Moving Averages – (49.77) 5-day, (50.24) 20-day, (50.65) 50-day, (52.32) 100-day, (49.61) 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 429 (+2), high of 431, low of 426. March ’26 Corn (ZCH26) settled at 444 (+2). Cash price is 423 (+0.50)
Corn traded slightly higher, after a 2 cent gain in the overnight. Analysts are expecting a slight drop in yield, with some being more bullish than others. With the shutdown, there’s a good chance they wait to make any major chance until the January report. The USDA could make a surprise move and cut the yield down on this report, which could give corn a reason to rally even harder. Exports have been and will likely stay that way. Corn has been holding support well; I’m still bullish on corn.
ZCZ25 Moving Averages – (430) 5-day, (426) 20-day, (423) 50-day, (419) 100-day, (436) 200-day
ZCH26 Moving Averages – (444) 5-day, (440) 20-day, (439) 50-day, (435) 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 535 (+8), with a high of 537, low of 527. March ‘26 Wheat (ZWH26) settled at 550 (+8). Chicago Wheat has a cash price of 525 (-7). December KC Wheat (KEZ25) settled at 527 (+7).
Wheat was up 6 1/2 cents in the overnight session and continued its gains today. Wheat started its move higher before the news of China buying US wheat. Fundamentals are still bearish, but the technical trend has now shifted. Open interest fell nearly 40,000 contracts at the end of the weak, so it’s surprising to see wheat still moving higher. US wheat is not very competitive on the global export market. Black Sea countries are benefiting from the rally in US wheat prices.
ZWZ25 Moving Averages – (540) 5-day, (521) 20-day, (519) 50-day, (535) 100-day, (565) 200-day
ZWH26 Moving Averages – (554) 5-day, (537) 20-day, (535) 50-day, (552) 100-day, (583) 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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