The WASDE report numbers were bearish for soybeans, but the market ignored the yield and ending stock increases and rallied back off the low of the day. The export estimate was raised from 1,685 mb last month to 1,695 mb.
November’26 Soybeans (ZSX26) settled at 1292 (+4.25), high of 1299.25, low of 1292. January ‘27 Soybeans (ZSF27) settled at 1309.25 (+5), high of 1315.25, low of 1286.5. Cash price is at 1253 (-11)
December Bean Meal (ZMU26) settled at 365.4 (+7.80) high of 366.3, low of 352.6
December Bean Oil (ZLK26) settled at 68.02 (+.11) high of 68.48, low of 67.4
Meal to Oil ratio (51.8% Meal – 48.2% Oil)
ZSX26 Moving Averages – (1292) 5-day, (1303) 20-day, (1265) 50-day, (1221) 100-day, (1174) 200-day
ZSF27 Moving Averages – (1308) 5-day, (1319) 20-day, (1281) 50-day, (1235) 100-day, (1187) 200-day
ZMZ26 Moving Averages – (358.2) 5-day, (361.9) 20-day, (343.6) 50-day, (329.4) 100-day, (321.9) 200-day
ZLZ26 Moving Averages – (68.58) 5-day, (68.54) 20-day, (68.99) 50-day, (69.27) 100-day, (64.66) 200-day
CORN –
December’26 Corn settled at 479.75 (-19.75) (ZCU26) high of 504.75, low of 470.25. March ’27 Corn (ZCZ26) settled at 494.75 (-20.50). Cash price is 499 (-1)
Corn traded nearly limit down after the yield estimate was raised to 181.2 bpa and production was raised to 16,305 bb from 16,180 bb. The strength in soybeans helped corn rally back.
ZCZ26 Moving Averages – (497) 5-day, (518) 20-day, (509) 50-day, (485) 100-day, (479) 200-day
ZCH27 Moving Averages – (512) 5-day, (532) 20-day, (524) 50-day, (499) 100-day, (492) 200-day
WHEAT –
December Chicago Wheat (ZWZ26) settled at 671 (-12.50), with a high of 687.5, low of 661.5. March ‘27 Wheat (ZWH26) settled at 685.25 (-13). Chicago Wheat has a cash price of 660 (+1). December KC Wheat (KEH27) settled at 732 (-17)
It was bearish report for wheat as ending stocks were raised from 717 mb last month to 740 mb. Yield and production were up slightly, and the export forecast was lowered 25 mb.
ZWZ26 Moving Averages – (687) 5-day, (702) 20-day, (705) 50-day, (676) 100-day, (647) 200-day
ZWH27 Moving Averages – (701) 5-day, (717) 20-day, (720) 50-day, (691) 100-day, (662) 200-day
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