--- title: Daily comment for Tuesday, September 29 description: A quieter, corrective sort of day after Monday's washout, with corn and beans both staying inside yesterday's range on light volume as the trade... image: https://blog.claytonpopecommodities.com/hubfs/CLAYTON%20POPE%20COMMODITIES%201-01.jpg --- [Skip to content](https://blog.claytonpopecommodities.com/newsletters/daily-comment-for-tuesday-september-29#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 Tuesday, September 29 ![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)  ·  4 minute read | CONTRACT | CLOSE | NET CHANGE | | --- | --- | --- | | Dec '26 Corn | 522 | -1 | | Mar '27 Corn | 536 | -1/2 | | Nov '26 Beans | 1297 3/4 | +9 1/2 | | Jan '27 Beans | 1312 3/4 | +9 3/4 | | Dec '26 Chi Wheat | 692 3/4 | +4 | | Dec '26 KC Wheat | 743 | -2 3/4 | | Dec '26 Cotton | 78.86 | -4.00 | | Crude Oil (spot futures) | 89.26 | -3.35 | | US Dollar Index (spot futures) | 101.15 | +.22 | | Dow Jones (spot futures) | 51,721 | -117 | ## Daily Glance A quieter, corrective sort of day after Monday's washout, with corn and beans both staying inside yesterday's range on light volume as the trade squared up for tomorrow's report. Corn spent the entire session in a range of about seven cents and finished just a touch lower, while beans clawed back about a third of what they lost Monday. ### 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. Wheat was the one that didn't fit the pattern. Chicago slipped under Monday's low overnight, then reversed to close a few cents higher for its first up day in five sessions. With the summit now digested, China was back asking for Gulf and Pacific Northwest soybean offers after a few days away, according to exporters. They still have roughly 10 million tons to buy by the end of December to get to the 25 million. Cotton was the real casualty of the day, dropping a full four cents. Harvest is running ahead of normal, export demand has been soft with Brazil shipping a record crop, and the funds had a near record long to unwind, and it all seemed to land at once. Outside markets had a heavier tone. Crude dropped more than three dollars as the Saudi pipeline came back on line, the 30 year Treasury yield pushed to its highest level since 2002, which kept the dollar firm, and the Dow gave back a little more than 100 points. ## Key Points/Developments **Technicals:** December corn held inside Monday's range, trading between 519 1/4 and 526 1/2, and never threatened the 515 support we named yesterday. It also couldn't get back above the 525 area, which is now first resistance, with 530 and 545 above it. Support stays at 515 and then the 50 day average down around 505. November beans also stayed inside Monday's range, holding above the 1280 area on the overnight dip to 1284 and getting as high as 1304 before settling just under 1300. The 1300 area is still the first hurdle, then 1314 and the 1332 area that has turned beans back three times this month. Support is the 1280 area, then the 50 day average near 1254. **Spreads:** The Dec/Mar corn spread widened a half cent to 14, and the Nov/Jan bean spread went out another quarter cent to 15. Both are moving the direction you'd expect with harvest bushels coming at the market, although the talk about a short bean crop and firm basis in the western belt hasn't gone away. **Weather:** TStorm made no changes today, leaving corn, soybeans and winter wheat all at slightly favorable. The forecast is the same one as yesterday, now with dates attached. Moderate to heavy rain sits over the Plains and the northwest half of the belt through Thursday, with the eastern belt likely getting less than first thought, and then at least seven to ten days of dry weather should have harvest running just about everywhere by the 9th to 11th of October. Southern Brazil keeps getting hammered, with another 4 to 8 inches expected over the next two weeks on top of already saturated ground, more than they would normally see in a month. Central Brazil's soybean planting is getting the rain it needs, and the storms in Argentina are improving moisture without slowing corn planting much. ## Markets/Trading Implications After Monday deflated what was left of the summit premium, corn and beans both held inside yesterday's range, and neither one came close to the levels we said we'd be watching, with corn still 17 cents above its 50 day average and beans about 44. That's a start on the "prove to me it's still bullish" posture we described yesterday, but only a start. The next test is tomorrow's stocks report at 11:00. The average guesses don't call for much change, but they hide a real tug of war. The bears are fairly confident feed and residual gets adjusted after last year's record expansion there, and that is mostly what the average guess is built on. The bulls are hoping the surprise comes from the other direction, with last year's crop getting cut again through the stocks number. As we said Friday, bean basis has been awfully firm for this far into harvest, and the bulls would like the stocks number to be what finally explains it. We still wouldn't hang too much on that ahead of time. Beyond the report, nothing about Monday's read has changed. China should still get to its 25 million tons on beans, but with the 10 percent duty left in place that's government buying rather than private, and the corn and wheat side of the package is still a question of how much and when. Fund commitment is the bigger unknown. Open interest fell in all three markets Monday, beans by nearly 20,000 contracts, so some length did leave, but the way both markets held today suggests the bulk of it is staying put for now. The trend is still higher as long as those 50 day averages hold, and a pop on the report is still something we'd use to get caught up on sales rather than chase. Call anytime. ## Other Notes - Wednesday brings on the quarterly stocks report. Below is a summary of the average trade guesses: ![Screenshot 2026-09-25 170959](https://blog.claytonpopecommodities.com/hubfs/Screenshot%202026-09-25%20170959.png) ## Static Notes - Commitment of Traders data covering positions through Tuesday, September 22, showed the funds moving back into beans while trimming corn. Corn's net long came down 12k to 414k. Soybeans' net long grew 20k to 265k, and wheat's net short deepened from nearly 5k to 13k. - Prices during the corresponding week saw December corn gain 1 cent, November beans gain 6 3/4, and December Chicago wheat lose 11 1/4. In the four trading days since this report, corn has lost 14 3/4 cents, soybeans have lost 27 3/4, and Chicago wheat has lost 24 1/2. 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. 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