SOYBEANS–
Soybeans were modestly higher today, even after China’s purchase of 13 cargoes of beans on Friday. Funds still hold a large net long in soybeans, as of Friday. Soybean oil and meal closed higher to start the week. Today may be the start of a reversal for soybean oil.
September ’26 Soybeans (ZSU26) settled at 1174 (+3.25), high of 1177, low of 1158.50. November Soybeans (ZSX26) settled at 1192.25 (+4.75), high of 1194.50, low of 1175.25. Cash price is at 1165 (-5)
September Bean Meal (ZMU26) settled at 315.3 (+.40) high of 316.4, low of 311.8
September Bean Oil (ZLK26) settled at 68.78 (+1.52) high of 68.88, low of 66.51
Meal to Oil ratio (47.825% Meal – 52.175% Oil)
ZSU26 Moving Averages – (1179) 5-day, (1194) 20-day, (1163) 50-day, (1162) 100-day, (1129) 200-day
ZSX26 Moving Averages – (1196) 5-day, (1206) 20-day, (1176) 50-day, (1170) 100-day, (1133) 200-day
ZMU26 Moving Averages – (317.4) 5-day, (319.1) 20-day, (312.5) 50-day, (313.5) 100-day, (315.4) 200-day
ZLU26 Moving Averages – (68.61) 5-day, (71.17) 20-day, (70.92) 50-day, (69.30) 100-day, (61.33) 200-day
CORN –
September ’26 Corn settled at 449.75 (+9) (ZCU26) high of 450.50, low of 435.25. December ’26 Corn (ZCZ26) settled at 473 (+9). Cash price is 460 (-5)
After several consecutive days of lower trading, December corn had a reversal higher today. Funds reported a large long position on Friday’s report. Weather for mid-August is expected to be largely favorable.
ZCU26 Moving Averages – (448) 5-day, (447) 20-day, (439) 50-day, (456) 100-day, (453) 200-day
ZCZ26 Moving Averages – (471) 5-day, (469) 20-day, (459) 50-day, (473) 100-day, (468) 200-day
WHEAT –
September Chicago Wheat (ZWU26) settled at 651.50 (+12.25), with a high of 653.75, low of 632. December ‘26 Wheat (ZWZ26) settled at 669.50 (+12). Chicago Wheat has a cash price of 609 (-23). September KC Wheat (KEU26) settled at 716 (+8.50)
Wheat was higher, with Chicago leading KC on the way up. Today was the first trading day of the month and it started off strong for all the grains. December Chicago wheat has a long way to go make new highs but seem to be in good support.
ZWU26 Moving Averages – (655) 5-day, (658) 20-day, (629) 50-day, (631) 100-day, (600) 200-day
ZWZ26 Moving Averages – (673) 5-day, (675) 20-day, (646) 50-day, (649) 100-day, (618) 200-day
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hschmit@walshtrading.com
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