SOYBEANS–
There was a 192k mt flash sale yesterday to China and another 250k mt sale to an unknown country today. Xi is expected to visit the White House later this month. Managed money was very long the soybean complex on today’s COT report. Managed money had long positions of over 100k contracts soybeans and crush products as of September 1st.
November’26 Soybeans (ZSX26) settled at 1309.75 (-6), high of 1320.75, low of 1305.75. January ‘27 Soybeans (ZSF27) settled at 1325 (-6.50), high of 1335.75, low of 1321.75. Cash price is at 1306 (+6)
December Bean Meal (ZMU26) settled at 355.1 (-.70) high of 357.7, low of 352.2
December Bean Oil (ZLK26) settled at 69.23 (-.89) high of 70.13, low of 68.23
Meal to Oil ratio (50.275% Meal – 49.725% Oil)
ZSX26 Moving Averages – (1308) 5-day, (1243) 20-day, (1212) 50-day, (1190) 100-day, (1150) 200-day
ZSF27 Moving Averages – (1323) 5-day, (1258) 20-day, (1227) 50-day, (1203) 100-day, (1162) 200-day
ZMZ26 Moving Averages – (351.6) 5-day, (331.3) 20-day, (323.4) 50-day, (318.8) 100-day, (318.1) 200-day
ZLZ26 Moving Averages – (70.80) 5-day, (69.56) 20-day, (69.16) 50-day, (69.01) 100-day, (62.51) 200-day
CORN –
December’26 Corn settled at 536.75 (-4) (ZCU26) high of 544.75, low of 535.75. March ’27 Corn (ZCZ26) settled at 552 (-4). Cash price is 537 (-3)
Corn held up well despite the sell-off in the wheat market. There’s lots of reasons to be bullish corn but harvest pressure should be picking up. It will be interesting to see what the USDA does on the crop report next Friday. The USDA cut its yield estimate for August 2.7 bpa below July to 180.7 bpa.
ZCZ26 Moving Averages – (541) 5-day, (509) 20-day, (481) 50-day, (477) 100-day, (472) 200-day
ZCH27 Moving Averages – (555) 5-day, (524) 20-day, (497) 50-day, (492) 100-day, (486) 200-day
WHEAT –
December Chicago Wheat (ZWZ26) settled at 732.75 (-21.50), with a high of 762.5, low of 732..75. March ‘27 Wheat (ZWZ26) settled at 748 (-22). Chicago Wheat has a cash price of 701 (-19). December KC Wheat (KEZ26) settled at 802.25 (-14)
The selling continued today in wheat, with the December contract closing over 20 cents lower on the day. The U.S. is sending delegates to Russia and Ukraine to work on a peace proposal over the weekend. If there’s a breakthrough on peace talks that likely sends wheat lower. Wheat still has support at the 21 DMA in the December contract at 718.
ZWZ26 Moving Averages – (763) 5-day, (715) 20-day, (682) 50-day, (666) 100-day, (631) 200-day
ZWH27 Moving Averages – (779) 5-day, (732) 20-day, (697) 50-day, (681) 100-day, (646) 200-day
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