Market Overview - Soybeans are experiencing losses of 2 to 4 ½ cents early on Wednesday, following Tuesday's losses of 6 to 8 cents in nearby futures, indicating a downward trend in the market [1] - Preliminary open interest decreased by 14,382 contracts on Tuesday, suggesting that some long positions are being exited [1] - The national average cash bean price fell by 4 ¾ cents to $10.18 1/4 [1] Futures and Prices - Soymeal futures are down by 60 cents to $5.40, while Soy Oil futures are lower by 15 to 19 points [1] - Specific closing prices for January, March, and May 2026 soybeans are reported as follows: - Jan 26: $10.87 1/4, down 6 ½ cents - Mar 26: $10.98 1/4, down 7 ½ cents - May 26: $11.08 3/4, down 8 cents [4] WASDE and Global Supply - The WASDE data update did not result in any adjustments on the US side, with projected ending stocks remaining steady at 290 million bushels [2] - On the global side, South American production remains steady, with world stocks increased by 0.38 million metric tons to 122.37 million metric tons [3] Export Data - Brazilian soybean exports for December are estimated at 3.33 million metric tons, which is 0.52 million metric tons above previous estimates and 3.3 million metric tons higher than the same month last year [4] - Argentina's economy minister announced a reduction in the soybean export tax by 2 points to 24%, with product taxes also reduced to 22.5% [4] Commitment of Traders Report - The CFTC Commitment of Traders report indicates an increase of 60,194 contracts in the managed money net long position as of November 4, bringing the total to 178,683 contracts [3] - The two-week movement shows a significant increase of 143,354 contracts to the long side, marking the largest two-week bull move on record [3]

Group 1 - Cotton futures are experiencing a decline, with October contracts down 64 points, while other contracts are down 3 to 5 points [1] - The US dollar index has decreased by $0.230 to $97.040, and crude oil futures are down by $0.28 [1] - The CFTC Commitment of Traders report shows that managed money has reduced their net short positions in cotton futures and options by 9,844 contracts, bringing the total to 59,061 contracts as of September 16 [1] Group 2 - The Cotlook A Index has fallen by 25 points to 78.40 cents as of September 19 [2] - ICE cotton stocks remained steady at 15,474 bales on September 19 [2] - The USDA's Adjusted World Price (AWP) increased by 69 points to 54.79 cents per pound [2] - October 25 Cotton is priced at 64.3 cents, down 64 points; December 25 Cotton is at 66.26 cents, down 3 points; March 26 Cotton is at 68.23 cents, down 5 points [2]