Jon Wiedeman 10/28/2025
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Daily ZSF6:
January soybeans closed the day higher again today but well of the session’s highs and prices we have not seen in over a year with the anticipation of President Trump and China’s president meeting on Thursday. With the sharp technical breakout in beans to the upside looking at the daily charts we have a gap to fill from Sunday night between the 1063-1070. I am using 1081 as first support followed by 1070 ¼ then filling the gap at 1063. As far as resistance goes, we have 1114 ¾. (see chart below).
Weekly ZSF6:
Looking at the weekly charts for January beans we have resistance at 1114 ¾. For support I am using 1063 from the gap left on Sunday night followed by 1049. (see chart below).
Fundamentals:
With the technical breakout from Sunday nights trade and the optimism that China will purchase a substantial amount of soybeans after Thursdays meeting the market remains extremely volatile. President Trump is meeting with Japan in hopes to add additional bean purchases in their books with most of Japan’s bean’s currently being bought from the US. Brazil appears to be about 36% planted and still have their current bean values greater than the US which also could help bring more demand to our soybeans. Soybean harvest looks like it is 84% complete from the private analyst up from 73% last week. Keep an eye on any headlines regarding President Trump and China’s Xi on Thursday for more direction in the soybean complex.
Trade Ideas:
N/A
Daily ZCZ5:
December corn continues to follow beans in rallying to 4-month highs and finally closing the gap from the July 3rd. On the daily charts we have resistance at the 200-day moving average of 437 ¼. The last time December corn has closed above the 200-day moving average was the beginning of June when prices were trading close to 450. For support in December corn, I am using 431 ¾ followed by 421. (see chart below).
Weekly ZCZ5:
Looking at the weekly charts for December corn we have resistance at 438 ¼ which is the 50-period moving average. Followed by support of the 21-period moving average at 422. (see chart below).
Fundamentals:
With the entire grain complex not getting updated information with the government shut down we have to improvise and go off what analysist are estimating and that is harvested is 72% complete from 59% last week. There have been reports that President Trump’s trip to Asia could bring more corn demand after a few trade deals have been signed. AgRural now has Brazil 55% planted which is inline from last year. With Mexico being our top buyer of corn, the November 1st trade deadline now has been extended which is a good sign for better negotiations.
Trade Ideas:
Long the December 410-450 call spread for 8½ cents. Place an order to buy back the short 450 calls for ½ cent.
Daily ZWZ5:
December wheat has followed both corn and beans with leaving a gap from Sunday night to the upside and closed higher for the 5th trading day in a row! Support for December wheat on the daily charts comes in at 517¼ which is the 50-day moving average followed by closing the Sunday night gap at 515 ½. For resistance I am using the 200-day moving average which is at 538 ¾. (see chart below).
Weekly ZWZ5:
Looking at the weekly charts for December wheat we have support at 515 ½ which is closing the gap from Sunday followed by 488. For resistance we are using the 21-period moving average of 539 for December wheat on the weekly charts. (see chart below).
Fundamentals:
The Reuters poll this week has winter wheat plantings at 84% completed which is up from 75% last week. They also have winter wheat conditions estimated at 50% good to excellent compared to 38% last year. Global supplies continue to be burdensome, but with funds currently short the wheat market, we definitely could see some more short covering coming in the next few trading sessions.
Trade Ideas:
Long the 530 – 570 Dec call spread for 9 cents. Place an order to cover the short 570 calls for ½ cent.
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Jon Wiedeman
Pure Hedge Division
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