--- title: Daily comment for Monday September 21 description: A big surge higher in all of our markets, prompted by positive comments describing the Sunday meeting between Treasury Secretary Bessent and his... image: https://blog.claytonpopecommodities.com/hubfs/CLAYTON%20POPE%20COMMODITIES%201-01.jpg --- [Skip to content](https://blog.claytonpopecommodities.com/newsletters/daily-comment-for-monday-september-21#main-content) [![CLAYTON POPE COMMODITIES 3-3](https://blog.claytonpopecommodities.com/hs-fs/hubfs/CLAYTON%20POPE%20COMMODITIES%203-3.png?width=300&height=135&name=CLAYTON%20POPE%20COMMODITIES%203-3.png "CLAYTON POPE COMMODITIES 3-3")](https://www.claytonpopecommodities.com/) [All posts](https://blog.claytonpopecommodities.com/newsletters/all) October 13, 2026 # Daily comment for Monday September 21 ![Picture of Clayton Pope](https://blog.claytonpopecommodities.com/hubfs/Clayton%20headshot.avif) By  [Clayton Pope](https://blog.claytonpopecommodities.com/newsletters/author/clayton-pope)  ·  4 minute read | CONTRACT | CLOSE | NET CHANGE | | --- | --- | --- | | Dec '26 Corn | 543 | +15 1/2 | | Mar '27 Corn | 556 3/4 | +15 1/4 | | Nov '26 Beans | 1328 | +24 1/2 | | Jan '27 Beans | 1344 | +24 | | Dec '26 Chi Wheat | 726 3/4 | +12 1/2 | | Dec '26 KC Wheat | 794 1/2 | +10 3/4 | | Dec '26 Cotton | 83.42 | +2.27 | | Crude Oil (spot futures) | 92.03 | -4.05 | | US Dollar Index (spot futures) | 100.16 | +.23 | | Dow Jones (spot futures) | 52,460 | +381 | ## Daily Glance A big surge higher in all of our markets, prompted by positive comments describing the Sunday meeting between Treasury Secretary Bessent and his Chinese counterpart. This meeting was held as a preliminary for the meeting to take place between Presidents Trump and Xi in Washington this Thursday and Friday. Details of the meetings weren't released, but it was said to have been "very successful" and included discussion of AI and possible safeguards as well as general trade and tariff discussion. ### Want the rest of today's comment? Leave your name and email to read the full daily market comment, including technicals, weather and trade implications. By the close, corn, beans, and wheat all ended near session highs with both December corn and November soybeans now only about 7 cents shy of new contract highs. Outside markets saw big volatility as well as stocks soared on general optimism while crude oil was sharply lower. Even though little progress is being seen in either war, news that Saudi Arabia has been able to maintain a significant flow of crude oil exports knocked the crude oil complex lower. ## Key Points/Developments **Technicals:** December corn has now moved to the upper end of its recent trading range with resistance seen at the contract high of 550 and then 558-560. Support should be seen at 540, 534-536, and then 520-522. Its 50 day average is at 499. Nov beans also ended at the top end of their recent trading range with resistance seen at the contract high of 1335 and then 1350 and 1385. **Spreads:** The Dec/Mar corn spread narrowed slightly to end at 13 3/4 cents. The Nov/Jan bean spread continued to tighten firming by another half cent today to end at 16 cents. Cash bids have been firming as farmers hold bushels back and harvest progress is paused for many, and that tends to pull carry out of these spreads. **Weather:** TStorm made no changes again today, leaving corn, soybeans, and winter wheat all at neutral for a fifth straight report. The 6-10 and 8-14 day forecasts call for continued above normal temps and slightly above normal precip. ## Markets/Trading Implications A lot of positives continue to support our markets including the optimistic expectations for the Trump/Xi meeting, strong export demand (especially corn), possible harvest delays, and continued insistence by many that the USDA will continue to cut the corn yield in the October report. Add in continued big fund longs and their desire and willingness to add to these longs, and it appears the path of least resistance is higher for now. It appears the market is trying to discount the likelihood that good news is coming either before or during the Trump/Xi meeting. Many expect the Chinese to drop their 10% tariff on imported US grains, and this would seemingly allow private Chinese companies to buy from us...up until now, the Chinese buying has all been from the Chinese national companies. Some kind of clarifications and acknowledgement of what the US has insisted that China has already agreed to is expected also. Specifically, that they will buy 25 MMT of soybeans every year and in addition to that, another $17 billion in various ags (which the trade is heavily anticipating will include big corn and wheat buys). Much of that kind of soybean buying is already built into the USDA S&D's, but it is believed that new corn and wheat buys are not included in the current S&D export forecasts. On marketing, for anyone behind our recommendations with bushels that need to come out of the field, this is not a bad spot to get something done. There is real price risk to the downside in the short run, although longer term we still think this market is supported. Call anytime. ## Other Notes - Today's Crop Condition report indicated that corn's good/excellent rating stayed at 57% this week and soybeans were also unchanged at 58%. Corn harvest is 13% complete, up 5% from last week and compares to the 5 year average of 11%. Soybean harvest is 12% complete, up 6% this week, and compares to the 5 year average of 8%. - Russia held their elections this weekend, and Putin and his candidates all won easily. Seems a little surprising, but who knows how legitimate that is. But the take on it in the US press is that Putin's ongoing war activities are mostly supported by the populace and this probably emboldens him to continue his very hard line stance. He turned down Trump's invitation to meet at the upcoming G20 conference, that Putin will reportedly not attend, but he is planning on attending an upcoming APEC meeting in China. ## Static Notes - Commitment of Traders data covering positions through Tuesday, September 15, showed the funds backing away from beans. Corn's net long was all but unchanged at 427k contracts. Soybeans' net long came down 21k to 245k, off the near record set the week before, while wheat flipped from a net long of 4k to a net short of nearly 5k. - Prices during the corresponding week saw December corn gain 2 1/4 cents, November beans gain 2 1/2, and December Chicago wheat lose 18 1/2. In the three trading days since this report, corn lost 8 1/4 cents, soybeans lost 15 1/4, and Chicago wheat lost 14 1/4. Have a great weekend! Clayton and Taylor --- **RISK DISCLAIMER:** Trading in futures products entails significant risks of loss which must be understood prior to trading and may not be appropriate for all investors. Please contact your account representative for more information on these risks. Past performance of actual trades or strategies cited herein is not necessarily indicative of future performance. 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Please contact your account representative for more information on these risks. Past performance of actual trades or strategies cited herein is not necessarily indicative of future performance. 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