---
title: Daily comment for Tuesday, September 1
description: Corn, beans, and wheat all pushed to fresh contract highs again today, extending a run that has now lasted the better part of a month.
---

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# [Daily comment for Tuesday, September 1](https://blog.claytonpopecommodities.com/newsletters/daily-comment-for-tuesday-september-1)

 Written by [Taylor Pope](https://blog.claytonpopecommodities.com/newsletters/author/taylor-pope) | Sep 1, 2026, 9:01:37 PM

| CONTRACT | CLOSE | NET CHANGE |
| --- | --- | --- |
| Dec '26 Corn | 546 | +8 1/4 |
| Mar '27 Corn | 560 1/4 | +8 |
| Nov '26 Beans | 1317 3/4 | +29 3/4 |
| Jan '27 Beans | 1332 3/4 | +29 1/2 |
| Dec '26 Chi Wheat | 782 1/2 | +8 1/2 |
| Dec '26 KC Wheat | 845 1/4 | +7 1/4 |
| Dec '26 Cotton | 91.53 | -1.61 |
| Crude Oil (spot futures) | 90.74 | +4.98 |
| US Dollar Index (spot futures) | 99.46 | +0.28 |
| Dow Jones (spot futures) | 52,845 | -395 |

## Daily Glance

Corn, beans, and wheat all pushed to fresh contract highs again today, extending a run that has now lasted the better part of a month. Beans led the way, clearing the resistance we had been watching and closing at yet again, multi year highs, while corn and wheat both settled solidly higher as well.

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Russia formally rejected a Turkish proposal for a safe Black Sea grain corridor today, all but confirming the war and its disruption to grain exports will continue.

Another round of Chinese soybean buying hit the tape as well, keeping demand firmly in the conversation. There was a rumor midday, however, that China was considering pushing back their late September meeting into early 2027 although there was certainly no concrete evidence of that. Something to monitor, but either way, they have certainly being buying our soybeans.

Outside markets saw a big move higher in crude, which closed at its highest spot level since late July, while equities were down considerably. The Dollar continued its quiet rebound.

## Key Points/Developments

**Technicals:** Dec corn added 8 1/4 cents to 546, clearing the 545 target we had been watching and setting up a run at 558 to 560 next. Support falls back to 545, then 532 to 534, then 524.

Nov beans jumped 29 3/4 cents to 1317 3/4, punching through the 1312 to 1315 zone we flagged Monday and putting 1345 to 1350 in view. Support now comes in at 1312 to 1315, then 1295, then 1283.

**Spreads:** The Dec/Mar corn spread narrowed a touch to 14 1/4 cents from Friday's 14 3/4. The Nov/Jan bean spread widened to 15 cents from Friday's 14 3/4.

**Weather:** TStorm left corn and soybeans at Slightly Unfavorable again today, no change, while winter wheat held at neutral. The nearby forecast has improved some with a cold front bringing more precipitation into the outlook, and we would not be surprised to see an upgrade as soon as tomorrow, though we will see.

Beyond that, the heat wave dominating the belt still looks to ease later this week as a stronger cool front works through, with scattered rain returning behind it.

## Markets/Trading Implications

This bull market keeps rolling, corn, beans, and wheat all sitting at levels that would have seemed unlikely back when this crop still had ears to fill and StoneX put out a 185 national yield. Tight ending stocks and two ongoing wars have combined to keep pushing this market higher, and we have stayed patient about layering in new sales through the run, waiting for a day like today to actually put some to work.

With the market clearly overextended in the short term, harvest bushels about to start coming off the field, and funds now approaching record long levels, we used today's strength to get some sales done, 5 percent more on 2026 crop corn and soybeans to reach 45 percent, along with our first sales on the 2027 crop, 5 percent on corn and soybeans and 20 percent on wheat. Old crop wheat also moved another 20 percent, now 60 percent sold.

There could still be more room to run if a poor crop gets confirmed, especially if this winter brings a real El Nino event to South America, but the string of higher closes we have seen is historic, and some of that upward momentum looks to be leaking. Seasonal harvest pressure is coming whether the crop is short or not, and that combination is why we wanted some sales made now rather than waiting on it.

Call anytime.

## Other Notes

- Yesterday's NASS crop condition report put corn at 57 percent good to excellent and soybeans at 58 percent, down 2 points on the week. The dent number is one we keep watching with it now up 6% compared to the 5 year average, showing that the crop is maturing far too early.
- Ukraine exported just 649,000 metric tons of wheat in August, compared with more than 2 million metric tons a year ago, and Russian analytical firm IKAR cut its own 2026/27 Russian wheat export estimate to 29 million metric tons if the war drags on through next spring.
- Crop disease reports are becoming more widespread across the wetter parts of the belt, with sudden death syndrome in soybeans and crown rot in corn both being flagged by agronomists and producers.
- Crude oil closed at a multi week high today, breaking through its recent trading channel on the back of the intensifying Iran situation.

## 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.
- Corn has added 22 1/2 cents and beans 80 cents in the five market days since Tuesday's cutoff, with wheat rallying sharply as well, though this week's roll to the December contract makes a clean cents comparison there less useful.

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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