Soybeans–
Soybeans sold off hard again today, after yesterday’s move higher. In the overnight session, soybean traded 8 1/4 cents lower. Soybeans are trading a much wider daily range than a month ago before China was involved. The US lost its price advantage over South American in soybean and soybean meal due to the rally in both markets. Some of the usual buyers of US soybeans, outside of China, may decide to make purchases elsewhere if they can get a better price. Yesterday, the Supreme Court took arguments regarding tariff legality.
January Soybeans (ZSF26) settled at 1107 (-26), high of 1133, low of 1103. March ’26 Soybeans (ZSH26) settled at 1117 (-24), high of 1141, low of 1113. Cash price is at 1102 (+13)
December Bean Meal (ZMZ25) settled at 312.7 (-12.1) high of 324.3, low of 310.5
December Bean Oil (ZLZ25) settled at 49.35 (-0.34) high of 50.33, low of 49.31
Meal to Oil ratio (56.65% Meal – 43.350% Oil)
ZSF26 Moving Averages – (1122) 5-day, (1071) 20-day, (1056) 50-day, (1049) 100-day, (1046) 200-day
ZSH26 Moving Averages – (1130) 5-day, (1083) 20-day, (1070) 50-day, (1063) 100-day, (1055) 200-day
ZMZ25 Moving Averages – (319.5) 5-day, (296.6) 20-day, (287.5) 50-day, (287.7) 100-day, (299.7) 200-day
ZLZ25 Moving Averages – (49.43) 5-day, (50.26) 20-day, (50.74) 50-day, (52.42) 100-day, (49.55) 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 428 (-6), high of 434, low of 428. March ’26 Corn (ZCH26) settled at 443 (-6). Cash price is 429 (+3)
Corn was lower today with soybeans. It’s not surprising to see corn taking a breather after the rally the past few weeks. The Dec25/March26 spread has been widening signaling a possible slowdown. The Chinese are buying US milo, but there are no reports of any Chinese interest in US corn. The forecast for the next week shows drier weather in the Midwest, while the extended forecast shows rains coming in the western part of the Corn Belt. Corn has seasonal weakness towards the end of November and the beginning of December time period.
ZCZ25 Moving Averages – (432) 5-day, (425) 20-day, (422) 50-day, (419) 100-day, (436) 200-day
ZCH26 Moving Averages – (445) 5-day, (439) 20-day, (438) 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 535 (-19), with a high of 554, low of 534. March ‘26 Wheat (ZWH26) settled at 549 (-18). Chicago Wheat has a cash price of 552 (-1). December KC Wheat (KEZ25) settled at 522 (-17).
Wheat was lower today with the rest of the grains. In the overnight session, prices were also lower, falling 8 1/2 cents overnight. It was confirmed that China bought 1 cargo of US white wheat and 1 cargo of US spring wheat to be shipped in December. Even though, these were small purchases it resulted it “buy the rumor, sell the fact” type trading. It was also reported that South Korea bought 50k mt of domestic wheat. LSEG lowered its forecast for India’s wheat production from 117.5 mmt to 114.4 mmt.
ZWZ25 Moving Averages – (543) 5-day, (518) 20-day, (519) 50-day, (536) 100-day, (566) 200-day
ZWH26 Moving Averages – (557) 5-day, (533) 20-day, (535) 50-day, (554) 100-day, (584) 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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