“Dec. ’26 carved out a fresh four-month low with next support at the contract low of $4.25 ¾. Spreads firmed a touch. Friday’s CFTC data showed money managers sold nearly 79k contracts, flipping their position around to net short for the first time in four months. The index fund long position is down to 288k contracts, a 53-week low. For tomorrow’s USDA reports I’ve got production at 16.055 bil. with an average yield of 181.4 bpa,” Mark Soderberg of ADM Investor Services said. “Since 1990 this year’s pattern of lower yields in August and September followed by higher yields in October has happened only five times. In all five years the USDA went on to raise yields again in November. I’ve got stocks growing to 1.870 bil.”