November soybeans closed below trendline support today. Soybean meal is more $20 off its high a week ago. Soybean oil also made another move lower on the day and is trading below the major moving averages.
November’26 Soybeans (ZSX26) settled at 1283.25 (-9.75), high of 1295, low of 1273.75. January ‘27 Soybeans (ZSF27) settled at 1300.75 (-9.50), high of 1311.25, low of 1290.5. Cash price is at 1257 (-6)
December Bean Meal (ZMU26) settled at 353.3 (-4.30) high of 357.6, low of 349.3
December Bean Oil (ZLK26) settled at 67.38 (-.91) high of 68.41, low of 66.63
Meal to Oil ratio (51.2% Meal – 48.8% Oil)
ZSX26 Moving Averages – (1296) 5-day, (1310) 20-day, (1257) 50-day, (1215) 100-day, (1167) 200-day
ZSF27 Moving Averages – (1311) 5-day, (1326) 20-day, (1272) 50-day, (1229) 100-day, (1180) 200-day
ZMZ26 Moving Averages – (359.9) 5-day, (361) 20-day, (340.1) 50-day, (327.4) 100-day, (320.8) 200-day
ZLZ26 Moving Averages – (67.90) 5-day, (69.07) 20-day, (69.13) 50-day, (69.36) 100-day, (64.09) 200-day
CORN –
December’26 Corn settled at 502 (+1.25) (ZCU26) high of 505, low of 495. March ’27 Corn (ZCZ26) settled at 516.25 (+.75). Cash price is 500 (-23)
December corn traded as low as 495 during today’s session but finished the day above 500. Today’s Week Export Sales report showed corn sales below expectations at only 535,989 MT. The next WASDE report is scheduled for next Friday.
ZCZ26 Moving Averages – (515) 5-day, (528) 20-day, (507) 50-day, (484) 100-day, (478) 200-day
ZCH27 Moving Averages – (529) 5-day, (543) 20-day, (522) 50-day, (499) 100-day, (491) 200-day
WHEAT –
December Chicago Wheat (ZWZ26) settled at 682.75 (+6), with a high of 684, low of 670.75. March ‘27 Wheat (ZWH26) settled at 697 (+4.75). Chicago Wheat has a cash price of 633 (+0.5). December KC Wheat (KEH27) settled at 737.25 (+4.25)
December wheat found support in the overnight session at 670 and continued higher during today’s session. Winter wheat planting was 27% complete on Monday, compared to the five-year average at 34%. Wet weather may continue to prevent planting pace from picking up in the near-term.
ZWZ26 Moving Averages – (688) 5-day, (717) 20-day, (705) 50-day, (676) 100-day, (643) 200-day
ZWH27 Moving Averages – (703) 5-day, (733) 20-day, (721) 50-day, (692) 100-day, (658) 200-day
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hschmit@walshtrading.com
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