SOYBEANS–
Soybean conditions were rated 60% good/excellent on yesterday’s Crop Progress report. Conditions fell 1 point behind last week and 9 points behind last year. Soybean oil was higher today despite the delay to the EPA biofuel compliance deadline. Meal may be undervalued here, with the rally in the other grains, especially if there’s a weather problem in South America.
November’26 Soybeans (ZSX26) settled at 1237.75 (+14.5), high of 1239, low of 1216.25. January ‘27 Soybeans (ZSF27) settled at 1253.25 (+15), high of 1254, low of 1233. Cash price is at 1218 (-14)
December Bean Meal (ZMU26) settled at 329.4 (+.80) high of 332.4, low of 326.7
December Bean Oil (ZLK26) settled at 67.75 (+.44) high of 68.12, low of 65.98
Meal to Oil ratio (48.675% Meal – 51.325% Oil)
ZSX26 Moving Averages – (1235) 5-day, (1199) 20-day, (1188) 50-day, (1178) 100-day, (1142) 200-day
ZSF27 Moving Averages – (1249) 5-day, (1214) 20-day, (1202) 50-day, (1191) 100-day, (1154) 200-day
ZMZ26 Moving Averages – (326.6) 5-day, (319.6) 20-day, (316.3) 50-day, (316.0) 100-day, (317.5) 200-day
ZLZ26 Moving Averages – (69.19) 5-day, (68.48) 20-day, (68.66) 50-day, (68.51) 100-day, (61.74) 200-day
CORN –
December’26 Corn settled at 523.5 (+8.75) (ZCU26) high of 524.5, low of 512.5. March ’27 Corn (ZCZ26) settled at 538.5 (+9). Cash price is 509 (+7)
Corn was higher again today but failed to close about 525 for the second day in a row. Corn conditions came in 3 points behind last week at 57% good/excellent. Corn ratings are way behind last year at this time, which had corn rated 71% good/excellent.
ZCZ26 Moving Averages – (509) 5-day, (480) 20-day, (466) 50-day, (472) 100-day, (469) 200-day
ZCH27 Moving Averages – (524) 5-day, (496) 20-day, (481) 50-day, (487) 100-day, (483) 200-day
WHEAT –
December Chicago Wheat (ZWZ26) settled at 704.50 (+5), with a high of 705.75, low of 685. March ‘27 Wheat (ZWZ26) settled at 721.25 (+4.75). Chicago Wheat has a cash price of 639 (+0.25). December KC Wheat (KEZ26) settled at 772.25 (+5)
Wheat is still being supported by disrupted Black Sea exports. There’s been speculation about a possible ceasefire but so far nothing has been agreed upon. Monday’s Crop Progress report had spring wheat harvest 62% complete, up from 41% complete last week. December wheat has resistance at 715.
ZWZ26 Moving Averages – (699) 5-day, (675) 20-day, (659) 50-day, (655) 100-day, (625) 200-day
ZWH27 Moving Averages – (717) 5-day, (692) 20-day, (674) 50-day, (670) 100-day, (640) 200-day
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Hans Schmit
Broker, Pure Hedge Division
312-765-7311
hschmit@walshtrading.com
Walsh Trading, Inc.
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