---
title: Daily comment for Wednesday, September 23
description: Another day of steady selling on light volume, the second straight since Monday's multi week high closes.
---

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# [Daily comment for Wednesday, September 23](https://blog.claytonpopecommodities.com/newsletters/daily-comment-for-wednesday-september-23)

 Written by [Taylor Pope](https://blog.claytonpopecommodities.com/newsletters/author/taylor-pope) | Sep 23, 2026, 8:42:46 PM

| CONTRACT | CLOSE | NET CHANGE |
| --- | --- | --- |
| Dec '26 Corn | 529 | -7 3/4 |
| Mar '27 Corn | 543 1/2 | -7 1/2 |
| Nov '26 Beans | 1318 | -7 1/2 |
| Jan '27 Beans | 1333 3/4 | -7 1/2 |
| Dec '26 Chi Wheat | 708 1/2 | -8 3/4 |
| Dec '26 KC Wheat | 771 3/4 | -9 1/2 |
| Dec '26 Cotton | 82.94 | +.07 |
| Crude Oil (spot futures) | 92.56 | +2.05 |
| US Dollar Index (spot futures) | 100.815 | +.495 |
| Dow Jones (spot futures) | 51,875 | -404 |

## Daily Glance

Another day of steady selling on light volume, the second straight since Monday's multi week high closes. Corn never traded above yesterday's close, and at the low had given back every bit of Monday's 15 1/2 cent rally before settling just a cent and a half off it.

### Want the rest of today's comment?

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Beans held up better, still hanging on to more than half of Monday's gain after being down nearly 15 at the low. Wheat was the weak spot again, with Chicago down for a second straight day and back below where it started the week.

There wasn't much new to lean on. Tuesday's chatter about China buying our corn, along with Ambassador Greer's comments on the non soybean purchases, had a buy the rumor, sell the fact feel to it.

Talk of progress toward ending the wars in Ukraine and Iran kept the pressure on wheat in particular, even though the facts on the ground did not cooperate. Ukraine hit another Russian oil facility today, Putin has made clear he is not in favor of a ceasefire or a grain corridor, and Iran's president used his UN speech this morning to blame the US and Israel without offering any concessions.

Crude jumped two dollars as the Iran speech dimmed hopes for a quick deal, the dollar firmed, and the Dow lost 400 points.

## Key Points/Developments

**Technicals:** December corn couldn't get back above the 535 area, topping out at 536 1/4 before sliding to 527 1/2, a match to the tick for Friday's close. That still held above last week's lows of 525 1/2 on Friday and 526 1/4 on Monday.

Below those, the 520 area is still the next real support, with the 50 day average down around 500. The 535 area we had as support is now the first resistance, then Tuesday's high of 544 1/2 and the contract high at 550.

November beans dipped to 1311 today, a test of the 1310 area support, and bounced 7 cents off it into the close. Below that comes Friday's low of 1300, then the 1293 area.

Resistance hasn't changed, with the 1332 area turning beans back three times this month and the 1335 area just above it.

**Spreads:** The Dec/Mar corn spread widened another quarter cent to 14 1/2, a second straight day of corn rebuilding carry as harvest bushels show up. The Nov/Jan bean spread held at 15 3/4 even with flat price lower, with processors in the western belt still needing spot bushels.

**Weather:** TStorm made no changes again today, leaving corn, soybeans, and winter wheat all at neutral for a seventh straight report.

The question now is how far east next week's rain makes it. Heavy totals still look likely for Iowa, Minnesota and Missouri into the middle of next week, and 15 percent of the corn and 13 percent of the beans have now taken at least 300 percent of normal rain over the last fifteen days, up from 10 and 12 percent in yesterday's report and mostly in Iowa.

High pressure should keep Illinois, Indiana, Michigan and Ohio a lot lighter, so harvest conditions get better the farther east you go. TStorm then looks for a drier stretch one to two weeks out as cool fronts start moving through more quickly, though not a completely dry one.

In South America, rain next week helps dry Argentina, and storms spreading into central Brazil keep early soybean planting on track into October.

## Markets/Trading Implications

Today backed up what we said yesterday about Monday's rally. The new money that came into beans Tuesday, with open interest up nearly 8,000 contracts, is being tested already, and midday estimates had the funds selling corn and wheat right alongside it.

Wheat is the one that doesn't quite add up, with the war headlines doing more work than the war itself. When the funds want to sell, it doesn't take much, and they had just a minor long to begin with.

The summit gets going tonight with a dinner, formal meetings tomorrow, and then a variety of ceremonial items into Friday morning. We'd expect some positive talk, since China is buying and on pace for its 25 million tons of beans, but it has never been China's way to put numbers out, and it still hasn't acknowledged the 17 billion dollars of non soybean purchases.

Our guess is the first headlines could disappoint, with the detail coming later. Last time the White House fact sheets didn't come out until the Sunday after. Either way, a pop on a reaffirmation or a tariff cut is still one we'd sell into rather than chase.

That said, it's hard to get too bearish with corn yields still coming in disappointing and the quarterly stocks report a week from today.

Call anytime.

## Other Notes

- Cash soymeal is getting hard to find in the western Corn Belt, with a big October export program already sold and crushers there worried a wet harvest keeps new beans slow to arrive. Plants in the east are running at capacity, but old crop supplies are going fast.

## 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 six trading days since this report, corn has lost 6 3/4 cents, soybeans have lost 3/4 cent, and Chicago wheat has lost 20.

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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