Soybeans closed lower after ending the week below 1300 last week. Meal started the week higher, along with soybean oil. Strength in meal and SBO may help limit the downside in soybeans. Managed money added to its long position on Friday’s COT report.
November’26 Soybeans (ZSX26) settled at 1288.25 (-3.75), high of 1291, low of 1278. January ‘27 Soybeans (ZSF27) settled at 1305 (-3.75), high of 1307.75, low of 1295.25. Cash price is at 1256 (+3)
December Bean Meal (ZMU26) settled at 368.2 (+2.60) high of 369.1, low of 360
December Bean Oil (ZLK26) settled at 68.64 (+.62) high of 68.7, low of 67.43
Meal to Oil ratio (51.8% Meal – 48.2% Oil)
ZSX26 Moving Averages – (1293) 5-day, (1303) 20-day, (1267) 50-day, (1222) 100-day, (1175) 200-day
ZSF27 Moving Averages – (1310) 5-day, (1319) 20-day, (1283) 50-day, (1236) 100-day, (1188) 200-day
ZMZ26 Moving Averages – (362.5) 5-day, (362.5) 20-day, (344.6) 50-day, (329.8) 100-day, (322.2) 200-day
ZLZ26 Moving Averages – (68.43) 5-day, (68.46) 20-day, (69.03) 50-day, (69.26) 100-day, (64.76) 200-day
CORN –
December’26 Corn settled at 483.50 (+3.75) (ZCU26) high of 484.25, low of 476. March ’27 Corn (ZCZ26) settled at 497.25 (+3). Cash price is 478 (-20)
The October crop report created an ugly move lower in corn on Friday. If corn can spend some time above 480 then I like its chances of moving higher.
ZCZ26 Moving Averages – (494) 5-day, (515) 20-day, (509) 50-day, (484) 100-day, (479) 200-day
ZCH27 Moving Averages – (509) 5-day, (529) 20-day, (524) 50-day, (499) 100-day, (493) 200-day
WHEAT –
December Chicago Wheat (ZWZ26) settled at 672.25 (+1.75), with a high of 676, low of 662. March ‘27 Wheat (ZWH26) settled at 686 (+1). Chicago Wheat has a cash price of 660 (-12). December KC Wheat (KEH27) settled at 716 (-3.25)
Managed money has a large long position in the grains but a net short position in wheat. There was some talk of an energy ceasefire, however crude is back over $90 again.
ZWZ26 Moving Averages – (683) 5-day, (699) 20-day, (705) 50-day, (676) 100-day, (647) 200-day
ZWH27 Moving Averages – (697) 5-day, (714) 20-day, (721) 50-day, (691) 100-day, (663) 200-day
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