SOYBEANS–
Soybeans traded as high as 1149 ½ in the November contract before selling off sharply at mid-day. In addition to the psychological resistance at 1250, soybeans have trendline resistance at 1252. The 8-14 day forecast shows below average rainfall in the upper Midwest.
September ’26 Soybeans (ZSU26) settled at 1227.75 (+1.75), high of 1236, low of 1223.75. November Soybeans (ZSX26) settled at 1241 (+2), high of 1249.50, low of 1235.50. Cash price is at 1226 (+14)
September Bean Meal (ZMU26) settled at 328.4 (-1.20) high of 333.6, low of 327.7
September Bean Oil (ZLK26) settled at 74.55 (+.02) high of 75.48, low of 74.38
Meal to Oil ratio (46.6% Meal – 53.4% Oil)
ZSU26 Moving Averages – (1215) 5-day, (1176) 20-day, (1163) 50-day, (1159) 100-day, (1124) 200-day
ZSX26 Moving Averages – (1227) 5-day, (1188) 20-day, (1174) 50-day, (1165) 100-day, (1128) 200-day
ZMU26 Moving Averages – (324.2) 5-day, (313.5) 20-day, (312.9) 50-day, (313.1) 100-day, (314.7) 200-day
ZLU26 Moving Averages – (74.08) 5-day, (70.39) 20-day, (71.22) 50-day, (68.83) 100-day, (60.68) 200-day
CORN –
September ’26 Corn settled at 463.25 (+1.25) (ZCU26) high of 466.75, low of 460. December ’26 Corn (ZCZ26) settled at 468.75 (+2). Cash price is 484 (+9)
December corn made a high at 490 today but was unable to keep those gains. December corn has had a sharp rally up from 425 and may be extended in the short term. A drop in the price of corn in the near-term may be a buying opportunity however. Shipping disruptions and volatile energy markets can continue to be supportive.
ZCU26 Moving Averages – (454) 5-day, (437) 20-day, (443) 50-day, (456) 100-day, (452) 200-day
ZCZ26 Moving Averages – (477) 5-day, (458) 20-day, (462) 50-day, (473) 100-day, (467) 200-day
WHEAT –
September Chicago Wheat (ZWU26) settled at 694.50 (-11.25), with a high of 710.25, low of 693. December ‘26 Wheat (ZWZ26) settled at 711.75 (-11). Chicago Wheat has a cash price of 683 (+23). September KC Wheat (KEU26) settled at 757 (-6.50)
December wheat, unsurprisingly, closed lower today after a sharp move higher yesterday. Wheat closed today at trendline support on my chart. The shipping disruptions seem likely to continue and weather has been supportive. Wheat may have room to continue rallying. The next resistance for wheat is 738.
ZWU26 Moving Averages – (687) 5-day, (636) 20-day, (631) 50-day, (628) 100-day, (596) 200-day
ZWZ26 Moving Averages – (704) 5-day, (652) 20-day, (648) 50-day, (645) 100-day, (614) 200-day
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