Soybeans–
Soybeans traded 4 cents higher in the November contract and slightly higher in the January contract. There continues to be optimism about a deal with China. Soybeans have also been supported by recent strength in soybean meal. It sounds like the US is going to start importing beef from Argentina. While it’s still speculation at this point, that deal could also include Argentina buying US soybeans. The last WASDE report in September has Chinese exports included in the new crop export estimate. If a deal is not completed the USDA will have to adjust their export figures. Headline risk is still high, as the market awaits news about China.
January Soybeans (ZSF26) settled at 1050 (+1), high of 1054, low of 1044. March ’26 Soybeans (ZSF26) settled at 1063 (+0.25), high of 1067, low of 1057. Cash price is at 993 (-1)
December Bean Meal (ZMZ25) settled at 290 (+3.1) high of 290.4, low of 285.4
December Bean Oil (ZLZ25) settled at 50.07 (-0.58) high of 50.97, low of 49.99
Meal to Oil ratio (53.67% Meal – 46.33% Oil)
ZSF26 Moving Averages – (1042) 5-day, (1034) 20-day, (1047) 50-day, (1043) 100-day, (1043) 200-day
ZSH26 Moving Averages – (1056) 5-day, (1049) 20-day, (1062) 50-day, (1057) 100-day, (1051) 200-day
ZMZ25 Moving Averages – (284.0) 5-day, (277.8) 20-day, (283.9) 50-day, (287.3) 100-day, (300.2) 200-day
ZLZ25 Moving Averages – (50.81) 5-day, (50.52) 20-day, (51.48) 50-day, (52.30) 100-day, (49.25) 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 423 (+4), high of 424, low of 418. March ’26 Corn (ZCH26) settled at 435 (+2). Cash price is 427 (+16)
Corn continues to trade higher, but the gains have not been extreme. Corn has been supported by recent strength in the other grains and in crude oil. Yesterday corn faced pressure due to news that the American Petroleum Institute does not support year around E-15 ethanol sales. Corn has showed some strength during the period where we should see the largest harvest pressure. Trade talks with India are reportedly moving along. India is seeking US corn for ethanol use. China’s corn imports are down significantly on the year, at nearly a 100% decrease. China is also facing heavy rainfall that is making it hard for farmers to harvest corn. The timing may work out well for trade negotiations at the end of the month. The next targets for corn are 425-427 and then the high for this move at 431 1/4.
ZCZ25 Moving Averages – (422) 5-day, (419) 20-day, (417) 50-day, (420) 100-day, (437) 200-day
ZCH26 Moving Averages – (435) 5-day, (435) 20-day, (434) 50-day, (437) 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 503 (+3), with a high of 505, low of 498. March ‘26 Wheat (ZWH26) settled at 519 (+3). Chicago Wheat has a cash price of 481 (-4). December KC Wheat (KEZ25) settled at 488 (+3).
Wheat traded higher today, after a slight gain in the overnight session. Putin and Trump are not expected to meet in the next couple as originally anticipated. Peace talks have since broken down. Yesterday, there were fires at oil refineries in Hungary and Romania. Investigations in both countries are ongoing, but there has been speculation about possible foul play. Hungary was scheduled to be the host of the peace talks between Putin and Trump. Domestic wheat exports have been strong at these prices. Wheat may be starting to price some of the large global supply, but it would not be surprising to see wheat continue to trade sideways.
ZWZ25 Moving Averages – (503) 5-day, (507) 20-day, (517) 50-day, (541) 100-day, (570) 200-day
ZWH26 Moving Averages – (519) 5-day, (525) 20-day, (535) 50-day, (559) 100-day, (588) 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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