SOYBEANS–
The entire soybean complex was sharply higher today. November beans have resistance at today’s high at 1290 and the psychological resistance at 1300. Soybeans are trading at very elevated prices ahead of harvest.
November’26 Soybeans (ZSX26) settled at 1287.75 (+19.75), high of 1290, low of 1269.25. January ‘27 Soybeans (ZSF27) settled at 1302.75 (+19.50), high of 1305, low of 1284.25. Cash price is at 1260 (+2)
December Bean Meal (ZMU26) settled at 348.8 (+7.90) high of 352.2, low of 337.8
December Bean Oil (ZLK26) settled at 71.06 (+.63) high of 69.5, low of 66.02
Meal to Oil ratio (48.925% Meal – 51.075% Oil)
ZSX26 Moving Averages – (1256) 5-day, (1211) 20-day, (1196) 50-day, (1182) 100-day, (1145) 200-day
ZSF27 Moving Averages – (1271) 5-day, (1226) 20-day, (1210) 50-day, (1195) 100-day, (1157) 200-day
ZMZ26 Moving Averages – (337.4) 5-day, (322.7) 20-day, (318.5) 50-day, (317.0) 100-day, (317.7) 200-day
ZLZ26 Moving Averages – (68.49) 5-day, (68.69) 20-day, (68.55) 50-day, (68.28) 100-day, (61.78) 200-day
CORN –
December’26 Corn settled at 536.5 (+2.75) (ZCU26) high of 541.25, low of 530.75. March ’27 Corn (ZCZ26) settled at 550.75 (+3.50). Cash price is 527 (-3)
Corn made a high at 541 ¼ in the overnight session before fading lower today. The market could see some profit-taking next week, but the rally may still have legs over the longer-term. There’s a gap waiting to be filled at 509 on the December corn chart.
ZCZ26 Moving Averages – (529) 5-day, (490) 20-day, (471) 50-day, (474) 100-day, (470) 200-day
ZCH27 Moving Averages – (543) 5-day, (506) 20-day, (486) 50-day, (488) 100-day, (484) 200-day
WHEAT –
December Chicago Wheat (ZWZ26) settled at 784 (+22.75), with a high of 790.25, low of 754.75. March ‘27 Wheat (ZWZ26) settled at 797.75 (+21.50). Chicago Wheat has a cash price of 705 (+12). December KC Wheat (KEZ26) settled at 845 (+23)
The uptrend in the grains has been impressive, and wheat has led the way higher. December wheat is very extended from the major moving averages and may be extended in the near-term. Any major profit-taking was avoided today; however, Monday is the last day of the month.
ZWZ26 Moving Averages – (739) 5-day, (689) 20-day, (667) 50-day, (658) 100-day, (627) 200-day
ZWH27 Moving Averages – (755) 5-day, (706) 20-day, (683) 50-day, (674) 100-day, (642) 200-day
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Hans Schmit
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hschmit@walshtrading.com
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