---
title: Daily comment for Wednesday, September 2
description: It was a choppy, two sided session, corn and beans opening under real pressure overnight, beans down as much as a quarter and corn down close to a dime...
image: https://blog.claytonpopecommodities.com/hubfs/CLAYTON%20POPE%20COMMODITIES%201-01.jpg
---

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 October 13, 2026

# Daily comment for Wednesday, September 2

![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 | 543 1/2 | -2 1/2 |
| Mar '27 Corn | 558 1/4 | -2 |
| Nov '26 Beans | 1310 1/4 | -7 1/2 |
| Jan '27 Beans | 1325 | -7 3/4 |
| Dec '26 Chi Wheat | 774 | -8 1/2 |
| Dec '26 KC Wheat | 834 1/4 | -11 |
| Dec '26 Cotton | 88.76 | -2.79 |
| Crude Oil (spot futures) | 90.87 | +0.65 |
| US Dollar Index (spot futures) | 99.53 | -0.10 |
| Dow Jones (spot futures) | 53,140 | +312 |

## Daily Glance

It was a choppy, two sided session, corn and beans opening under real pressure overnight, beans down as much as a quarter and corn down close to a dime at the lows. Buying came back in through the morning and erased most of that early weakness, both trading well up from those lows and even briefly positive at their session highs, before fading back to close lower across the board, corn just barely in the red but beans and wheat giving back a more meaningful chunk of the week's gains.

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Another round of Chinese soybean buying hit the tape again today, pushing the week's known purchases to just under 500,000 metric tons.

Private yield estimates continue to trickle in ahead of next week's USDA report, and TStorm released its own numbers today, notably higher than much of what we have seen lately at just under 182 on corn and just under 52 on beans.

Crude oil closed off its highs, but made another new high for the move.

## Key Points/Developments

**Technicals:** Dec corn eased 2 1/2 cents to 543 1/2, a choppy session that closed well off both its overnight lows and its intraday high. Support falls back to 532 to 534, then 524, then 510 to 512, while 558 to 560 remains the target above.

Nov beans slipped 7 1/2 cents to 1310 1/4, also finishing well off its intraday high after briefly trading positive on the day. Support comes in at 1295, then 1283, then 1270, while 1345 to 1350 remains the target above.

**Spreads:** The Dec/Mar corn spread held steady at 14 3/4 cents. The Nov/Jan bean spread narrowed a touch to 14 3/4 cents from 15.

**Weather:** TStorm left corn and soybeans at Slightly Unfavorable again today, no change, while winter wheat held at neutral. The heat wave in place now looks likely to make the 30 days ending September 16 the warmest such stretch since before 1979.

Some relief is possible north and east around this weekend as cool fronts pass through, though the upper level high driving the heat is not expected to fully break down.

## Markets/Trading Implications

Today's rebound off the overnight lows was an impressive show of strength, corn and beans erasing a real early deficit to trade positive at one point before fading back some into the close. Impressive as it was, it does not change our thinking that this remains a good level for more sales, the same reasons we sold yesterday, an overbought market, funds stretched about as long as we have seen, and harvest bearing down on us, are all still very much in place.

The Dec/July carrying charge spreads we have mentioned before are another thing worth watching. Corn sits near 24 cents and beans near 27 cents today, both still well under the 32 and 42 cent peaks they hit back in June. Flat price keeps making new highs, but those calendar spreads have not confirmed that same strength further out on the curve, and that gap is a bit of a warning sign in its own right, although we would also argue these carries are suddenly more attractive for those with HTAs to roll.

The yield debate is far from settled, and today was a reminder of that, with T-Storms corn estimate landing well above much of what we have seen recently. We would not put too much weight on any single number at this point, corn and soybean yields will not be pinned down with any confidence until harvest is further along, but the range of outcomes still being discussed is itself a reason for some caution in both directions.

## Other Notes

- Chatter is building that the USDA could trim its old crop corn stocks estimate by 50 to 65 million bushels in next week's report, as industrial corn use is no longer expected to be revised down the way the market had assumed.

## 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 six market days since Tuesday's cutoff, corn has added 20 cents and beans 72 1/2, with wheat also higher, though the front month roll to December continues to make 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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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.

Copyright © 2026, Clayton Pope Commodities

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