SOYBEANS–
Soybeans finished higher, while meal finished close to unchanged. The quarterly Grain Stocks report will be released tomorrow. The Dow Jones survey estimates on-farm storage as of September 1 at 323 mb, compared to 325 mb in 2024-25.
November’26 Soybeans (ZSX26) settled at 1297.75 (+9.50), high of 1304, low of 1284. January ‘27 Soybeans (ZSF27) settled at 1312.50 (+9.50), high of 1319, low of 1298.5. Cash price is at 1254 (-31)
December Bean Meal (ZMU26) settled at 359.2 (-.20) high of 363.6, low of 353.9
December Bean Oil (ZLK26) settled at 68.36 (+.55) high of 68.85, low of 67.51
Meal to Oil ratio (51.5% Meal – 48.5% Oil)
ZSX26 Moving Averages – (1308) 5-day, (1313) 20-day, (1255) 50-day, (1213) 100-day, (1166) 200-day
ZSF27 Moving Averages – (1322) 5-day, (1329) 20-day, (1270) 50-day, (1227) 100-day, (1178) 200-day
ZMZ26 Moving Averages – (366.5) 5-day, (360.6) 20-day, (339.1) 50-day, (326.6) 100-day, (320.5) 200-day
ZLZ26 Moving Averages – (67.84) 5-day, (69.47) 20-day, (69.31) 50-day, (69.39) 100-day, (63.92 ) 200-day
CORN –
December’26 Corn settled at 522.25 (-.75) (ZCU26) high of 526.5, low of 519.25. March ’27 Corn (ZCZ26) settled at 536 (-.75). Cash price is 525 (-5)
Corn continued the recent pattern of trading largely sideways today ahead of the Grain Stocks report. Corn stocks are estimated at an average of 1.924 bb.
ZCZ26 Moving Averages – (526) 5-day, (533) 20-day, (506) 50-day, (484) 100-day, (478) 200-day
ZCH27 Moving Averages – (539) 5-day, (547) 20-day, (521) 50-day, (499) 100-day, (491) 200-day
WHEAT –
December Chicago Wheat (ZWZ26) settled at 692.75 (+4.50), with a high of 694, low of 692.75. March ‘27 Wheat (ZWH26) settled at 707 (+3.50). Chicago Wheat has a cash price of 626 (-14). December KC Wheat (KEH27) settled at 743 (-2)
Wheat was higher today but has yet to trade back above 700 in the December contract. Wheat stocks are estimated an average of 1.849 bb.
ZWZ26 Moving Averages – (700) 5-day, (727) 20-day, (706) 50-day, (676) 100-day, (642) 200-day
ZWH27 Moving Averages – (714) 5-day, (743) 20-day, (722) 50-day, (691) 100-day, (657) 200-day
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Hans Schmit
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hschmit@walshtrading.com
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