Soybeans–
Soybeans were 5 3/4 cents higher in the overnight session and fell lower during today’s session. China booked more cargoes of US soybeans on Friday. Last week’s purchase was a total of 312k mt. The target for Chinese soybean purchases is 12 mmt. Soybeans are losing the momentum that followed the news of initial Chinese buying. Soybeans have some seasonal strength in December, similar to corn but open interest may decline into the holiday season. Dryness in Brazil can support the market going forward. Rain was in the forecast this weekend, but soil moisture needs to improve still. Brazil planting is estimated at 89% complete, 2 points behind last year’s pace. If dryness in South America fails to support the market, then soybeans could be headed below 1100.
January Soybeans (ZSF26) settled at 1124 (-3), high of 1135, low of 1123. March ’26 Soybeans (ZSH26) settled at 1135 (-3), high of 1145, low of 1133. Cash price is at 1099 (-8)
January Bean Meal (ZMF26) settled at 311.6 (-3.0) high of 316.5, low of 311.3
January Bean Oil (ZLF26)) settled at 52.68 (+0.32) high of 52.90, low of 52.13
Meal to Oil ratio (55.200% Meal – 44.800% Oil)
ZSF26 Moving Averages – (1129) 5-day, (1130) 20-day, (1082) 50-day, (1063) 100-day, (1052) 200-day
ZSH26 Moving Averages – (1138) 5-day, (1139) 20-day, (1094) 50-day, (1076) 100-day, (1062) 200-day
ZMF26 Moving Averages – (317.1) 5-day, (321.1) 20-day, (301.9) 50-day, (295.8) 100-day, (301.9) 200-day
ZLZF26 Moving Averages – (51.75) 5-day, (51.00) 20-day, (50.83) 50-day, (52.21) 100-day, (50.19) 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 450 (+5), high of 452, low of 442. March ’26 Corn (ZCH26) settled at 457 (+4). Cash price is 434 (-2)
Corn was up 1 1/4 cents in the overnight session and continued higher during today’s session. Corn traded as high as 452.25 before moving back toward the psychological resistance at 450. Now that November is over, corn is heading into a period of seasonal strength. Corn held up well through harvest pressure and last month’s seasonal sell signal. Argentina’s corn planting is estimated at 39.3% complete at 3 points behind last year’s pace. Argentina’s corn conditions were up 6 points on the week to 82% good/excellent. Brazil’s production is estimated nearly 1.5% lower than last month due to planting delays. Besides soybean meal, corn has been the strongest Ag market. Exports are still delayed, but export sales for the week ending October 16 were at 43% of the new crop forecast compared to the 5-year average at 36.5%. If exports continue at the current pace, corn could keep moving higher.
ZCH26 Moving Averages – (439) 5-day, (444) 20-day, (440) 50-day, (435) 100-day, (448) 200-day
ZCK26 Moving Averages – (445) 5-day, (444) 20-day, (440) 50-day, (436) 100-day, (448) 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 541 (+6), with a high of 544, low of 529. March ‘26 Wheat (ZWH26) settled at 548 (+5). Chicago Wheat has a cash price of 536 (-3). March KC Wheat (KEZ25) settled at 533 (+6).
Wheat was down 4 1/2 cents lower in the overnight session but closed higher during today’s session. Weather supported the wheat market today. There was hail in wheat areas of Pampas Argentina yesterday. In addition, to colder weather in the plains. The snow may reduce some of the winterkill risk however. Argus estimates Russia’s new crop production 2 mmt lower than this year at 86.5 mmt. Global wheat supplies remain large. Argentina’s new crop wheat is expected to be a bumper crop. Australia’s production was raised 4% to 35.6 mmt. Ukraine’s production is also expected to be 1-2 mmt higher than this year.
ZWH26 Moving Averages – (538) 5-day, (547) 20-day, (537) 50-day, (545) 100-day, (576) 200-day
ZWK26 Moving Averages – (547) 5-day, (556) 20-day, (547) 50-day, (556) 100-day, (587) 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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