Soybeans–
Soybeans were up 1 1/2 cents in the overnight session and up slightly today. President Trump spoke to China’s Xi yesterday over the phone. The call was said to be positive, with both sides looking to expand their cooperation. Trump is expected to visit China in April. Ag Secretary Rollins said yesterday that a deal with China will happen within the next 1-2 weeks. A deal may include the removal of China’s tariffs on US imports, which would make soybean imports possible for private companies in China. With the tariffs in place, private buyers are priced out of the market. The state-owned COFCO is doing all the Chinese buying as of right now.
January Soybeans (ZSF26) settled at 1124 (+1), high of 1128, low of 1117. March ’26 Soybeans (ZSH26) settled at 1134 (+2), high of 1137, low of 1126. Cash price is at 1034 (+2)
January Bean Meal (ZMF26) settled at 320.4 (+2.1) high of 323.9, low of 318.3
January Bean Oil (ZLF26)) settled at 50.65 (+0.13) high of 50.70, low of 49.80
Meal to Oil ratio (55.750% Meal – 44.250% Oil)
ZSF26 Moving Averages – (1126) 5-day, (1126) 20-day, (1075) 50-day, (1059) 100-day, (1051) 200-day
ZSH26 Moving Averages – (1135) 5-day, (1135) 20-day, (1088) 50-day, (1073) 100-day, (1060) 200-day
ZMF26 Moving Averages – (319.4) 5-day, (321.6) 20-day, (299.6) 50-day, (294.7) 100-day, (302.0) 200-day
ZLZF26 Moving Averages – (50.82) 5-day, (50.59) 20-day, (50.76) 50-day, (52.28) 100-day, (50.07) 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 (-1), high of 426, low of 422. March ’26 Corn (ZCH26) settled at 438 (+1). Cash price is 415 (-1)
Corn was down 2 1/2 cents in the overnight session and up slightly again today. Harvest is estimated at 96% complete, near the average harvest pace. There is some discussion China making purchases of US corn. China recently bought US milo. In addition, China’s corn areas are dealing with heavy rain, so there’s speculation they may need to increase their supply for feed. The 100-day moving average at 436 is acting as strong support, while 438 and 440 are the next resistance levels. Open interest has declined over the past few sessions. Selling straddles may be an attractive opportunity if corn trades sideways from here.
ZCH26 Moving Averages – (438) 5-day, (444) 20-day, (440) 50-day, (435) 100-day, (449) 200-day
ZCK26 Moving Averages – (446) 5-day, (452) 20-day, (448) 50-day, (445) 100-day, (458) 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 527 (+5), with a high of 528, low of 520. March ‘26 Wheat (ZWH26) settled at 539 (+4). Chicago Wheat has a cash price of 519 (unchanged). March KC Wheat (KEZ25) settled at 519 (-5).
Wheat traded close to unchanged in the overnight session and was higher during today’s session. Winter wheat seeding is estimated at 97% complete. Winter wheat conditions were up 3 points on the week to 48% good/excellent. At this time last year, winter wheat conditions were 55% good/excellent. Wheat is trading at the 50-day moving average and just below the 100-day moving average. Despite the bearish fundamentals, technicals look fairly strong. Wheat could still see a rally, especially if some bullish news comes through to trigger short covering.
ZWH26 Moving Averages – (540) 5-day, (549) 20-day, (537) 50-day, (547) 100-day, (578) 200-day
ZWK26 Moving Averages – (549) 5-day, (558) 20-day, (548) 50-day, (548) 100-day, (589) 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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