SOYBEANS–
Soybeans have held up well since being pressured by the September WASDE. Soybean meal held close above 370 in the December contract, while soybean oil reversed higher on the day after starting off weak.
November’26 Soybeans (ZSX26) settled at 1317.50 (-8), high of 1327.25, low of 1311. January ‘27 Soybeans (ZSF27) settled at 1333.75 (-8.25), high of 1342.5, low of 1326.75. Cash price is at 1291 (-3)
December Bean Meal (ZMU26) settled at 370.2 (-.50) high of 373.4, low of 367.7
December Bean Oil (ZLK26) settled at 67.71 (-.21) high of 68.21, low of 67.03
Meal to Oil ratio (52.4% Meal – 47.6% Oil)
ZSX26 Moving Averages – (1319) 5-day, (1307) 20-day, (1247) 50-day, (1208) 100-day, (1161) 200-day
ZSF27 Moving Averages – (1335) 5-day, (1323) 20-day, (1262) 50-day, (1222) 100-day, (1174) 200-day
ZMZ26 Moving Averages – (367.9) 5-day, (356.2) 20-day, (335.6) 50-day, (324.5) 100-day, (319.6) 200-day
ZLZ26 Moving Averages – (68.39) 5-day, (69.82) 20-day, (69.60) 50-day, (69.50) 100-day, (63.59) 200-day
CORN –
December’26 Corn settled at 529 (-8) (ZCU26) high of 536.25, low of 527.5. March ’27 Corn (ZCZ26) settled at 543 (-8). Cash price is 537 (-6)
Corn closed near the low of the day ahead of tomorrow’s U.S.-China summit. Wet weather is expected heading into the weekend, especially in the western Corn Belt.
ZCZ26 Moving Averages – (533) 5-day, (535) 20-day, (500) 50-day, (483) 100-day, (476) 200-day
ZCH27 Moving Averages – (547) 5-day, (550) 20-day, (516) 50-day, (498) 100-day, (490) 200-day
WHEAT –
December Chicago Wheat (ZWZ26) settled at 707.25 (-10), with a high of 717.75, low of 702. March ‘27 Wheat (ZWH26) settled at 722.75 (-10.50). Chicago Wheat has a cash price of 657 (-9). December KC Wheat (KEZ26) settled at 769.50 (-11.75)
Wheat is starting to look weaker technically since making a high at 795 in the December contract. Ukraine and Russian exports are still being disrupted, but the market continues to trade lower.
ZWZ26 Moving Averages – (718) 5-day, (741) 20-day, (706) 50-day, (674) 100-day, (640) 200-day
ZWH27 Moving Averages – (734) 5-day, (757) 20-day, (722) 50-day, (690) 100-day, (655) 200-day
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hschmit@walshtrading.com
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