Market Overview - Soybean futures are experiencing losses of 2 to 4 cents across most contracts, with March futures closing 17 ¾ cents higher last week [1] - The national average Cash Bean price decreased by 4 ¼ cents to $10.67 ¼ [1] - Soymeal futures increased by 70 cents to $1.30, with March up $5.60 last week [1] - Soy Oil futures are down 40 to 47 points, despite March being up 175 points on the week [1] Managed Money Position - CFTC data shows managed money added 94,316 contracts to their net long position, bringing the total to 123,148 contracts as of February 10 [2] Export and Production Data - USDA Export Sales data indicates soybean commitments at 34.572 million metric tons, down 20% year-over-year, representing 81% of USDA's export projection, which is below the 89% pace of the 5-year average [3] - NOPA data is expected to show January crush at 218.5 million bushels, with soybean oil stocks projected at 1.71 billion pounds [3] - AgRural estimates that 21% of the Brazilian soybean crop has been harvested, a decrease from 24% in 2025 [3] Price Summary - March 26 Soybeans closed at $11.33, down 4 ¼ cents, with nearby cash at $10.67 ¼, also down 4 ¼ cents [4] - May 26 Soybeans closed at $11.48 ½, down 3 ¾ cents, and July 26 Soybeans closed at $11.60 ½, down 3 ¼ cents [4]

Group 1 - Corn futures are showing mixed performance, with nearby contracts steady to a penny lower and deferred contracts fractionally higher, while the national average cash corn price is down to $3.86 [1] - Export inspections data indicates that corn shipments totaled 1.484 million metric tons (MMT) for the week ending January 15, reflecting a decrease of 1.35% from the previous week and 3.81% from the same week last year, with Mexico being the top destination [2] - Managed money in corn futures and options increased their net short position by 65,348 contracts as of January 13, bringing the total net short to 81,774 contracts, marking the largest short interest since October [3] Group 2 - AgRural reports that the first Brazilian corn crop is 1.6% harvested and the second crop is 1.1% planted, while ANEC estimates Brazilian corn exports for January at 3.45 MMT, an increase of 0.18 MMT from the previous week [4]

Group 1: Cotton Market Overview - Cotton futures are experiencing gains of 3 to 5 points at midday, with March futures down 3 points [1] - USDA's Export Sales report indicated a total of 153,266 RB of cotton sold in the week ending on December 4, marking a 3-week high for sales but 10.19% lower than the same week last year [1] - Shipments for the same week were recorded at 101,577 RB, which is noted as a marketing year low [1] Group 2: Price and Auction Data - The 12/19 online auction from The Seam reported sales of 18,183 bales at an average price of 59.38 cents/lb [3] - The Cotlook A Index remained steady at 73.30 cents on December 19 [3] - ICE certified cotton stocks were unchanged at 12,396 bales [3] Group 3: Futures Prices - March 26 Cotton is priced at 63.72 cents, down 3 points [3] - May 26 Cotton is priced at 64.87 cents, up 3 points [3] - July 26 Cotton is priced at 65.91 cents, up 5 points [3] Group 4: CFTC Data - CFTC data revealed that managed money reduced their net short positions by 4,774 contracts, bringing the total to 55,013 contracts for the week ending on 12/9 [2]

Group 1 - Corn prices have increased by 3 to 4 cents on Monday morning, with futures showing fractional losses across most contracts to close out the previous week [1] - The CmdtyView national average Cash Corn price decreased by ¾ cent to $3.99 [1] - The USDA Export Sales report is expected to show corn sales between 1.2-2.4 million metric tons for the week ending on December 4 [1] Group 2 - CFTC data indicates that spec traders in corn futures and options reduced their net long position by 13,552 contracts, resulting in a net long of 9,718 contracts as of the week ending December 9 [2] - Safras has revised the 2025/26 Brazilian corn crop estimate to 142.88 million metric tons, which is a reduction of 0.68 million metric tons from the previous estimate [2] - The second crop of Brazilian corn is estimated at 101.79 million metric tons, while the first crop is pegged at 25.37 million metric tons, both showing reductions [2]

Core Insights - Corn futures experienced slight increases, with December contracts up ¼ cent and deferred contracts up 2 ½ cents, indicating a return of carry into the market [1] - The national average cash corn price rose by ¼ cent to $3.88, reflecting a stable market ahead of the Thanksgiving holiday [1] - Export sales data revealed a total of 1.327 million metric tons (MMT) of corn sold in the week of October 9, which is a four-week low and below the same week last year [2] Market Positioning - Managed money held a net short position of 191,055 contracts in corn futures and options as of October 14, with an increase of 49,089 contracts from the previous week [3] - South Korean importers purchased at least 324,000 MT of corn, with expectations of 68,000 MT coming from the US, indicating ongoing international demand [3] Price Movements - December 25 corn closed at $4.23 ½, down ¼ cent, while March 26 corn closed at $4.38 ¼, up 1 ½ cents, and May 26 corn closed at $4.46 ¾, up 2 ½ cents, showing varied price movements across different contracts [4]