7/2/2025
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Daily ZSX5:
November Soybeans had an explosive day to the upside trading above all the daily moving averages that we have been looking at. We will be using these now for support and looking to test last weeks high at 1067 ¾. On the daily charts we now have support at the 100 day moving average (1030 ¾) 200 day (1033) 50 day (1036 ¼) 21 day (1037 ¾) and lastly the 14 day at (1041 ¾) (see chart below). Will see how the markets want to close going into the long weekend tomorrow afternoon but key numbers to be watching in November beans are (1013 ¼) and (1067 ¾). I think taking a stab at buying Nov beans around the 1031 area and for what we know now could be a good play risking 5 cents. A cheap short term option play could be July’25 week 2 SOYBEAN 1080 calls (off of Aug futures) for a penny that expire Monday.
Weekly ZSX5:
November beans traded above the weekly moving averages today and found some follow through buying because of that. The weekly moving averages are currently sitting at (1033 ¾) for the 14 day, the 21 day (1033), and 50 day (1035 ½) and last the 100 day at (1108 ½) (see chart below). We will be watching (1013 ¼) on the weekly chart to see if last week’s low can hold in Nov beans. We will see how the markets want to close going into the long weekend tomorrow afternoon but key numbers to be watching in November beans are (1013 ¼) and (1067 ¾).
Daily ZCZ5:
Sep Corn was able to hold the $4 handle (400 ¼ yesterday’s low in ZCU5) before taking off later this morning. Looking at the daily charts Dec corn got above the 14 day moving average at (432 ½). The last time we traded above the 14 day moving average was June 23. The next area of resistance for Dec corn is at the 21 day (435 ¾) and above that the 50 day (441 ½). The last time Dec corn has traded above the 50 day was June 9th (see chart below). If we see a setback in Dec corn tomorrow going into the long weekend, I think looking at some cheap short term options plays is a good idea. For example, the July’25 week 2 CORN 435 calls (off of Sep futures) for a penny that expire on Monday.
Weekly ZCZ5:
December corn staged an impressive rally today with closing up 11 ½ cents. Looking at the weekly charts I think the important numbers are holding this week low of (416 ½) and trading above last weeks high of (444 ¼). Looking at some more corn resistance on the weekly’s we have last weeks high of (444 ¼) then the 14 day at (445 ¾) and the 50 day at (446 ¾) (see chart below).
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Jon Wiedeman
Pure Hedge Division
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