Soybean oil rallied today after the USDA reported August stocks at 1.696 billion pounds, which was well below the estimate. Soybean oil stocks were 13.58% below July and 5.14% below last year. November soybeans made a high at 1285 ¾ before selling off today. The October WASDE report will be released next Friday.
November’26 Soybeans (ZSX26) settled at 1273.25 (-6.75), high of 1285.75, low of 1273.25. January ‘27 Soybeans (ZSF27) settled at 1293 (-7.75), high of 1302.25, low of 1289.75. Cash price is at 1250 (-7)
December Bean Meal (ZMU26) settled at 347.0 (-6.30) high of 353.1, low of 346.4
December Bean Oil (ZLK26) settled at 68.63 (+1.25) high of 69, low of 67.14
Meal to Oil ratio (50.325% Meal – 49.675% Oil)
ZSX26 Moving Averages – (1288) 5-day, (1309) 20-day, (1258) 50-day, (1216) 100-day, (1168) 200-day
ZSF27 Moving Averages – (1304) 5-day, (1324) 20-day, (1273) 50-day, (1230) 100-day, (1181) 200-day
ZMZ26 Moving Averages – (355.2) 5-day, (360.6) 20-day, (340.5) 50-day, (327.7) 100-day, (320.9) 200-day
ZLZ26 Moving Averages – (68.06) 5-day, (69.00) 20-day, (69.04) 50-day, (69.35) 100-day, (64.18) 200-day
CORN –
December’26 Corn settled at 497.75 (-5) (ZCU26) high of 502.25, low of 495. March ’27 Corn (ZCZ26) settled at 511 (-5.75). Cash price is 499 (-1)
December corn closed below 500 today after making a high at 502 ¼. There’s potential for corn to reverse its losses with a friendly report next Friday. The next level of support for corn is 485-482
ZCZ26 Moving Averages – (509) 5-day, (526) 20-day, (507) 50-day, (484) 100-day, (478) 200-day
ZCH27 Moving Averages – (523) 5-day, (541) 20-day, (522) 50-day, (499) 100-day, (492) 200-day
WHEAT –
December Chicago Wheat (ZWZ26) settled at 683 (+.25), with a high of 689, low of 677.75. March ‘27 Wheat (ZWH26) settled at 696.75 (-.25). Chicago Wheat has a cash price of 655 (+22). December KC Wheat (KEH27) settled at 734.50 (-3)
Wheat has found support near 680, at least for now, after breaking from nearly $8 early last month. Winter wheat planting was 27% complete on Monday, compared to the five-year average at 34%.
ZWZ26 Moving Averages – (684) 5-day, (714) 20-day, (704) 50-day, (676) 100-day, (644) 200-day
ZWH27 Moving Averages – (699) 5-day, (729) 20-day, (720) 50-day, (692) 100-day, (659) 200-day
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Hans Schmit
Broker, Pure Hedge Division
312-765-7311
hschmit@walshtrading.com
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