--- title: Daily comment for Thursday, September 3 description: Grains opened on the defensive again today, with corn, soybeans and wheat all trading well below yesterday's lows early in the session; corn even poked... image: https://blog.claytonpopecommodities.com/hubfs/CLAYTON%20POPE%20COMMODITIES%201-01.jpg --- [Skip to content](https://blog.claytonpopecommodities.com/newsletters/daily-comment-for-thursday-september-3#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 Thursday, September 3 ![Picture of Taylor Pope](https://blog.claytonpopecommodities.com/hs-fs/hubfs/1728420772119.jpg?width=50&name=1728420772119.jpg) By  [Taylor Pope](https://blog.claytonpopecommodities.com/newsletters/author/taylor-pope)  ·  3 minute read | CONTRACT | CLOSE | NET CHANGE | | --- | --- | --- | | Dec '26 Corn | 540 3/4 | -2 3/4 | | Mar '27 Corn | 556 | -2 1/4 | | Nov '26 Beans | 1316 1/4 | +6 | | Jan '27 Beans | 1331 1/2 | +6 1/2 | | Dec '26 Chi Wheat | 754 1/4 | -19 3/4 | | Dec '26 KC Wheat | 815 1/2 | -18 3/4 | | Dec '26 Cotton | 86.45 | -2.48 | | Crude Oil (spot futures) | 91.53 | +0.51 | | US Dollar Index (spot futures) | 98.75 | -0.58 | | Dow Jones (spot futures) | 53,730 | +615 | ## Daily Glance Grains opened on the defensive again today, with corn, soybeans and wheat all trading well below yesterday's lows early in the session; corn even poked through last Thursday's low at one point, its first trade below the previous day's low in more than two weeks. The early pressure traced to overnight comments from President Putin suggesting there is a chance for a Russia/Ukraine peace deal, with wheat leading the complex lower. Buyers stepped back in as the day wore on, pulling every contract well off its lows, and soybeans actually worked into positive territory by the close. Soybean meal was the lone contract among the group to tag a fresh high for the move. ### 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. The extreme heat parked over the Central US continues, with the next two weeks now shaping up as the warmest such stretch in more than 48 years across the heart of the corn and soybean belt. Outside markets were mostly firmer, crude adding to its recent climb, the Dow jumping sharply, and the dollar index continuing to slide. ## Key Points/Developments **Technicals:** Dec corn eased 2 3/4 cents to 540 3/4, but that close undersells how wide the swing was, trading through last Thursday's low early before rallying more than a dime off the session low to finish. Nov beans added 6 cents to 1316 1/4, also reversing from a sizable overnight deficit to close positive on the day. Wheat took the worst of it even after paring a much larger loss, Chicago wheat still off nearly 20 cents and KC wheat close behind, both still digesting the overnight Putin peace comment and the doubts Black Sea traders are already expressing about it. **Spreads:** The Dec/Mar corn spread widened again to roughly 15 1/4 cents, continuing a trend of the last several sessions. The Nov/Jan bean spread was little changed, still right around 15 cents. **Weather:** Upper level high pressure is set to make the next 14 days the warmest such stretch for the period in more than 48 years, with near persistent heat across the southern and western belt. Some relief is possible north and east around Sep 9 to 11 as cool fronts try to pass through, though the ridge driving the heat is not expected to fully break down for another week or two beyond that. ## Markets/Trading Implications Today added to a pattern we have been pointing out for several sessions now, cracks appearing beneath what has been a rare and impressive rally to see unfold this close to harvest. Given the size of today's reversal, we would still lean toward assuming new highs are ahead of us, but the way the session unfolded also had the feel of a fair amount of long open interest changing hands, moving out of the large funds that have driven this rally and into newer longs who are more likely to bail out if the market turns lower. One thing we would act on regardless of which way the broader market ultimately breaks: corn's Dec/March calendar spread widened further again today, keeping up a run that has now gone on for the better part of a week. That has us thinking this is a good window to roll any December corn sales or hedges out to deferred months, since we could well see that spread tighten further as we move toward year end. Call anytime. ## Other Notes - This week's export sales report came in close to expectations, with wheat at 11.5 million bushels, corn at a net 45.5 million (new crop sales more than offsetting old crop cancellations), and soybeans at 68.1 million. - December corn open interest topped 1 million contracts today for only the second time ever, more evidence of just how much speculative capital continues to flow into this market. - We should get more private yield estimates, such as from StoneX, tomorrow. ## Static Notes - Commitment of Traders report released Friday, August 28, covering positions through Tuesday, August 25, showed an extraordinary week of fund buying. Corn's net long exploded to about 317,000 contracts, up roughly 136,000 on the week, funds buying about 90,000 new longs and covering another 45,000 of shorts. Soybeans saw a similar surge, net long growing to about 201,000, up 49,000, while wheat's net short shrank to about 14,000, a swing of roughly 12,000. - In the seven market days since Tuesday's cutoff, and measuring from the front month roll to December on August 31 to keep the comparison clean, corn has added roughly 4 cents and beans about 28 1/4, while wheat has given back around 30 cents, almost all of it in today's session. Have a nice evening! 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. Copyright © 2026, Clayton Pope Commodities ```json { "@context" : "https://schema.org", "@type" : "BlogPosting", "author" : { "@type" : "Person", "name" : "Taylor Pope", "url" : "https://blog.claytonpopecommodities.com/newsletters/author/taylor-pope" }, "dateModified" : "2026-10-13T20:31:59.554Z", "datePublished" : "2026-09-03T20:22:02.000Z", "headline" : "Daily comment for Thursday, September 3", "image" : [ "https://blog.claytonpopecommodities.com/hubfs/CLAYTON%20POPE%20COMMODITIES%201-01.jpg" ], "mainEntityOfPage" : { "@id" : "https://blog.claytonpopecommodities.com/newsletters/daily-comment-for-thursday-september-3", "@type" : "WebPage" }, "publisher" : { "@type" : "Organization", "logo" : { "@type" : "ImageObject", "url" : "https://blog.claytonpopecommodities.com/hubfs/Untitled%20design.png" } } } ``` ```json { "@context" : "http://schema.org", "@type" : "Article", "author" : { "@type" : "Person", "name" : [ "Taylor Pope" ], "url" : "https://blog.claytonpopecommodities.com/newsletters/author/taylor-pope" }, "datePublished" : "2026-09-03T20:22:02+0000", "description" : "Grains opened on the defensive again today, with corn, soybeans and wheat all trading well below yesterday's lows early in the session; corn even poked...", "headline" : "Daily comment for Thursday, September 3", "image" : "https://44292880.fs1.hubspotusercontent-na1.net/hubfs/44292880/CLAYTON%20POPE%20COMMODITIES%201-01.jpg", "publisher" : { "@type" : "Organization", "logo" : { "@type" : "ImageObject", "url" : "" }, "name" : "Clayton Pope Commodities" }, "url" : "https://blog.claytonpopecommodities.com/newsletters/daily-comment-for-thursday-september-3" } ```