December Corn: The Dec26 contract extended the major (long-term) uptrend to a high of $5.42 during August before closing at $5.3775, down 73.75 cents (15.9%) for the month. Dec26 took out the Wave 3 peak from May 2026, confirming a move to a Wave 5.The next Fibonacci target is near $5.7650, the 50% retracement level of the previous major downtrend.
Theoretical Positions:
- Hedgers:
- See Weekly Analysis: Grains (both Futures and Cash)
- Investors:
- Long Dec26 futures were rolled to Dec27 during August at an inverse of 5.0 cents
- Putting long Dec27 at approximately $5.17
- Dec26 $5.00 call options were sold at approximately 26 4/8 cents (May 26)
- and bought back near the weekly close of 9 6/8 cents (Friday, June 18)
- Long Dec26 futures were rolled to Dec27 during August at an inverse of 5.0 cents
November Soybeans: Nov26 extended the market’s (Nov soybeans only) major uptrend to a high of $12.9450before closing August at $12.88, up $1.0050 (8.5%) for the month. Fundamentally the market remains bullish, based on futures spreads (see Supply and Demand Commentary). Theoretical Positions: Long-term investors are likely long Nov26 from the October 2025 bullish breakout (Nov26 closed at $11.o6). The Nov26-Nov27 spread closed August at an inverse of 39.5 cents. We need to look to roll forward at a strong inverse.
Teucrium Corn Fund (CORN): I don’t know what to call the major trend for CORN after completing a bearish spike reversal during May and extending its selloff to $16.36 during June, its lowest prices since March 2021. July and August saw CORN rally, hitting a high of $20.09 last month before finishing at $20.06, up $2.41 (13.7%). Theoretical Positions: CORN could’ve been bought near the August 2024 settlement of $17.70. Some may have added longs, or initiated initial positions near the August 2025 settlement of $17.57 based on a bullish spike reversal. A new round of buys could’ve been made near the October settlement of $17.79. All these combined would put the average position near $17.75.
The Teucrium Soybean Fund (SOYB) extended its major uptrend to a high of $27.33 during August before closing at $27.24, up $2.08 (8.3%) for the month. Theoretical Positions: Investors might’ve bought near the December 2024 settlement of $21.48. Some may have added long positions near the April 2025 settlement of $21.47. Additional longs could’ve been added near the October 2025 settlement, creating an average price of $22.13.
The Teucrium Wheat Fund (WEAT) extended its major uptrend to a high of $28.19 before closing August at $27.81, up $4.00 (16.8%) for the month. Theoretical Positions: Long-term investors could’ve bought WEAT near the January close of $20.97.
