SOYBEANS–
Despite being much friendlier on their corn estimates, Pro Farmer came in higher than the USDA on its yield and production estimates. On Friday’s COT report managed money was long 151k contracts after buying over 50k contracts. Soybean oil was weaker with crude oil today, while meal started the week higher.
November’26 Soybeans (ZSX26) settled at 1225.50 (-14), high of 1239.5, low of 1218.25. January ‘27 Soybeans (ZSF27) settled at 1239.5 (-14.25), high of 1254, low of 1233. Cash price is at 1232 (+3)
December Bean Meal (ZMU26) settled at 328.5 (+2.70) high of 330.6, low of 324.5
December Bean Oil (ZLK26) settled at 67.33 (-2.25) high of 69.23, low of 66.78
Meal to Oil ratio (48.825% Meal – 51.175% Oil)
ZSX26 Moving Averages – (1230) 5-day, (1198) 20-day, (1186) 50-day, (1177) 100-day, (1142) 200-day
ZSF27 Moving Averages – (1245) 5-day, (1213) 20-day, (1200) 50-day, (1190) 100-day, (1153) 200-day
ZMZ26 Moving Averages – (324.5) 5-day, (319.5) 20-day, (315.8) 50-day, (315.8) 100-day, (317.6) 200-day
ZLZ26 Moving Averages – (69.56) 5-day, (68.54) 20-day, (68.70) 50-day, (68.48) 100-day, (61.66) 200-day
CORN –
December’26 Corn settled at 515 (+6.50) (ZCU26) high of 524.25, low of 510.25. March ’27 Corn (ZCZ26) settled at 529.75 (+6.25). Cash price is 491 (+5)
December corn started out strong on Sunday night, trading at least 12 cents higher before fading during today’s session. There seems to be lots of anticipation of higher corn prices after Pro Farmer’s estimates came in much lower than the USDA. The next level of resistance for corn is 525; today’s high was 524 ½.
ZCZ26 Moving Averages – (502) 5-day, (478) 20-day, (464) 50-day, (472) 100-day, (469) 200-day
ZCH27 Moving Averages – (518) 5-day, (494) 20-day, (479) 50-day, (486) 100-day, (482) 200-day
WHEAT –
December Chicago Wheat (ZWZ26) settled at 699.5 (+1.50), with a high of 715, low of 696.5. March ‘27 Wheat (ZWZ26) settled at 717.5 (+2). Chicago Wheat has a cash price of 639 (-1). December KC Wheat (KEZ26) settled at 769.50 (-3)
December wheat made a high at 715 this morning before reversing lower the rest of the day. KC wheat started the week off lower. India lifted the export restriction on its wheat that had been in place since 2022. Funds have a net short position in wheat and a 34k contract net long position in KC wheat.
ZWZ26 Moving Averages – (695) 5-day, (674) 20-day, (657) 50-day, (654) 100-day, (624) 200-day
ZWH27 Moving Averages – (713) 5-day, (691) 20-day, (672) 50-day, (669) 100-day, (639) 200-day
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Hans Schmit
Broker, Pure Hedge Division
312-765-7311
hschmit@walshtrading.com
Walsh Trading, Inc.
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