Soybeans–
The tariff situation is attracting more attention with the Supreme Court now expected to rule on Trump’s tariffs in October. If the Supreme Court rules against Trump, countries could ask for tariff refunds. Dryness in the eastern belt and parts of the South weighed negatively on soybean ratings, with condition declines seen in Illinois, Kentucky, and Tennessee. The Midwest is expected to stay dry the rest of the week. Top buyers of US soybeans last week were Vietnam, Mexico, and Germany. Soybean crush for July came in at 204.7 mb, compared to average guess of 207.2 mb. Crush year-to-date is now 2.256 bb. Last year at this time soybean crush was 2.120 bb.
November Soybeans (ZSX25) settled at 1031 (-9), high of 1047, low of 1030. January Soybeans (ZSF26) settled at 1050 (-9), high of 1066, low of 1049. Cash price is at 1006 (-21)
October Bean Meal (ZMV25) settled at 277.6 (-0.7) high of 279.5, low of 277.1
October Bean Oil (ZLV25) settled at 51.44 (-0.82) high of 52.35, low of 51.38
The September Meal to Oil ratio (51.91% Meal – 48.09% Oil)
ZSX25 Moving Averages – (1044) 5-day, (1033) 20-day, (1023) 50-day, (1029) 100-day, (1026) 200-day
ZSF26 Moving Averages – (1063) 5-day, (1052) 20-day, (1041) 50-day, (1044) 100-day, (1039) 200-day
ZMV25 Moving Averages – (281.3) 5-day, (284.7) 20-day, (280.9) 50-day, (291.2) 100-day, (301.7) 200-day
ZLV25 Moving Averages – (52.01) 5-day, (52.80) 20-day, (53.72) 50-day, (51.48) 100-day, (47.64) 200-day
The Commitments of Traders report for the week ending August 19 showed soybean Managed Money traders bought 35,273 contracts bringing their bringing their net long position to 3 contracts. Producer/Merchants sold -28,135 contracts bringing their net short position to -114,151 contracts. Non-Commercial & Non-Reportable traders net position was -4,791 contracts.
The Commitments of Traders report for the week ending August 19 showed meal Managed Money traders bought 24,070 contracts, bringing their net short position of -85,239 contracts. Producer/Merchants sold -11,089 contracts bringing their net short position to -60,857. Meal Non-Commercial & Non-Reportable traders hold a short position of -40,571 contracts.
The Commitments of Traders report for the week ending August 19 showed bean oil Managed Money traders were net long 31,342 contracts after selling -13,070 contracts. Non-Commercial & Non-Reportable traders net long position was 50,491 contracts.
CORN –
December Corn (ZCZ25) settled at 418 (-5), high of 424, low of 416. March ’26 Corn (ZCH26) settled at 436 (-4). Cash price is 420 (+11)
Corn ratings fell the most, compared to the week prior, in Illinois. The Eastern Corn Belt and parts of the South are facing drought pressure, which has supported prices. Overall corn conditions are now 69% good/excellent, a 2 point drop from last week. Rains are expected in the Plains this week. Corn used for ethanol in July was 455.8 mb, down from 483.87 last year. The July figure for DGGs was 1.863 mt. A key area to watch for December corn is the trendline resistance from the April high to 418. If there is a bounce above this level, 418 will be the new support level.
ZCZ25 Moving Averages – (415) 5-day, (407) 20-day, (414) 50-day, (430) 100-day, (440) 200-day
ZCH26 Moving Averages – (433) 5-day, (425) 20-day, (431) 50-day, (446) 100-day, (454) 200-day
The Commitments of Traders report for the week ending August 19 showed that corn Managed Money bought 31,464 contracts bringing their net position to -144,650 contracts. Producer/Merchants sold -25,041 contracts bringing their net position to -57,745. Non-Commercial & Non-Reportable traders net short position was -163,744 contracts.
WHEAT –
December Chicago Wheat (ZWZ25) settled at 522 (-6), with a high of 530, low of 521. March 26’ Wheat (ZWH26) settled at 538 (-6). Chicago Wheat has a cash price of 475 (-9). December KC Wheat (KEZ25) settled at 510 (-1).
Wheat was 6 cents lower during today’s session, after trading up a 1/2 cent in the overnight. Wheat is facing pressure from higher production forecasts out of Australia and in the EU. Russian exports are also trending upwards. The domestic HRS harvest is currently 72% complete, versus 67% this time last year. HRS conditions sit unchanged at 49% good/excellent, versus 69% last year. Top buyers of US wheat last week were Mexico, Japan, and Vietnam.
ZWZ25 Moving Averages – (527) 5-day, (528) 20-day, (547) 50-day, (562) 100-day, (584) 200-day
ZWH26 Moving Averages – (544) 5-day, (546) 20-day, (566) 50-day, (581) 100-day, (602) 200-day
The Commitments of Traders report for the week ending August 19 showed that Managed Money traders in the wheat market were net short -98,132 contracts, having increased their short position by -8,837 contracts. Producer/Merchants bought 2,615 contracts to bring their net long position to 25,061 contracts. Non-Commercial & Non-Reportable traders were net short -163,744 contracts.
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