---
title: Daily comment for Wednesday, September 9
description: Beans spent another session consolidating within the same tight range that has held for more than a week now, edging lower today but nowhere close to...
image: https://blog.claytonpopecommodities.com/hubfs/CLAYTON%20POPE%20COMMODITIES%201-01.jpg
---

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 October 13, 2026

# Daily comment for Wednesday, September 9

![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 | 527 3/4 | -5 3/4 |
| Mar '27 Corn | 543 1/4 | -5 3/4 |
| Nov '26 Beans | 1309 1/2 | -6 3/4 |
| Jan '27 Beans | 1325 1/4 | -6 3/4 |
| Dec '26 Chi Wheat | 728 3/4 | -18 1/4 |
| Dec '26 KC Wheat | 806 1/4 | -12 3/4 |
| Dec '26 Cotton | 87.40 | +1.08 |
| Crude Oil (spot futures) | 96.31 | +3.26 |
| US Dollar Index (spot futures) | 98.80 | -0.02 |
| Dow Jones (spot futures) | 52,483 | -350 |

## Daily Glance

Beans spent another session consolidating within the same tight range that has held for more than a week now, edging lower today but nowhere close to testing either edge of it. Corn traded on the defensive throughout, and the way funds seemed content letting length come out of the market fit with the idea we flagged this morning of some record long positions getting trimmed ahead of Friday.

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Wheat again led the complex lower, giving back a good piece of yesterday's gain as talk resurfaced of Moscow wanting diplomatic talks to resume, this time in Abu Dhabi, even as the fighting on the ground keeps intensifying.

Cotton also traded higher, adding more than a dollar on the day. Outside markets were mixed, crude jumping more than three dollars on the ongoing Middle East tensions while the Dow gave back a good chunk of yesterday's gain and the dollar index sat essentially unchanged.

## Key Points/Developments

**Technicals:** Dec corn eased 5 3/4 cents to 527 3/4, its lowest close in more than two weeks and right into the 527 to 530 support zone we flagged yesterday. A close below that opens the 50 day average near 510, then 490 to 492 underneath. Resistance comes in first at 540 to 542, then 550.

Nov beans slipped 6 3/4 cents to 1309 1/2, staying well above the 1300 to 1306 support underneath, then 1270 and 1250 beyond that. Resistance is at the top of the recent range from 1321 to 1324, then 1340.

**Spreads:** The Dec/Mar corn spread held steady at 15 1/2 cents, same as yesterday. The Nov/Jan bean spread was also little changed at 15 3/4 cents, essentially the widest carry of the move.

**Weather:** TStorm downgraded winter wheat and rapeseed/canola to Slightly Unfavorable today, while corn and soybeans held at Neutral. TStorm also nudged its own private yield estimates today, corn down slightly to 180.4 from 180.7 and soybeans up to 51.9 from 51.7.

In the US, heat in the south continues to contrast with more seasonable conditions in the north for now, likely giving way to cooler air with time. In Brazil, heavy rain continues across the south for first corn and wheat, unusually so, while the same pattern is helping very early soybean planting further north in central Brazil.

## Markets/Trading Implications

Beans held in a fairly tight consolidation today while corn showed some real signs of funds lightening up their near record length here, with Friday's report now the clear focus for the trade.

The dispersion in analyst yield guesses is itself a story, with some big opinions out there setting up even more volatility around Friday's number. Yield is not the only variable in play either, there is chatter of yet another shift in harvested acres given how much corn is getting chopped for silage this year, a real chance old crop ending stocks and the feed and residual figure behind them get revised, and USDA could also shift its export numbers in either direction.

If Friday's corn yield lands at 178 with nothing else changing on the balance sheet, we would call that outcome bullish from current levels, but for now we lean toward TStorm's side of the debate and think USDA is unlikely to drop the number below 180. Either way, we would expect more of the same kind of back and forth trade heading into Friday.

One thing we would still act on regardless of how Friday goes: the Nov/Jan bean spread is offering an attractive carry approaching 16 cents, and we like using that to roll any HTAs or hedges out to deferred months, the same opportunity corn continues to offer in both the Dec/March and Dec/July spreads.

Our opinion remains that on a potential bearish surprise, we think both the corn and bean markets find support on any sharp break.

Call anytime.

## Other Notes

- Flash sales today included 182,880 metric tons of corn to Mexico and a combined 440,000 metric tons of soybeans to China and an unnamed buyer.
- This week's crop condition report had corn's good to excellent rating down 1 percent to 56 percent, with harvest now 7 percent complete and 76 percent of the crop dented. Soybeans held steady at 58 percent good to excellent, with about a quarter of the crop now dropping leaves and turning color.
- China confirmed it will bring a delegation of CEOs when President Xi visits the US on September 24, with agriculture and non tariff barriers expected to be on the table.
- Middle East tensions kept pushing energy prices higher, with Brent crude above 100 dollars a barrel and WTI above 95, and US diesel prices climbing to fresh record highs alongside it.

![Screenshot 2026-09-09 135225](https://blog.claytonpopecommodities.com/hubfs/Screenshot%202026-09-09%20135225.png)

## Static Notes

- Commitment of Traders report released Tuesday, covering positions through Tuesday, September 1, showed funds still adding aggressively. Corn's net long grew to about 431,000 contracts, up roughly 55,000 on the week, funds buying about 28,000 new longs and covering another 27,000 of shorts. Soybeans' net long grew to about 241,000, up roughly 43,000, while wheat flipped from a net short of about 14,000 to a net long of about 15,000, its first net long position since late April.
- In the four market days since Tuesday's cutoff, corn has given back 15 cents, beans 14 3/4, and Chicago wheat more than 65, unwinding a good chunk of the fund buying that report captured.

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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[![image](https://blog.claytonpopecommodities.com/hs-fs/hubfs/image.jpg?width=844&height=600&name=image.jpg "image")](https://blog.claytonpopecommodities.com/)

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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