SOYBEANS–
Soybeans have been relatively strong since breaking last Friday. The market will be paying attention to how planting goes in South America going forward. Soybean oil was pressured today because of the sell-off in crude. Soybean meal had a modest gain today but had a really strong close.
November’26 Soybeans (ZSX26) settled at 1320.5 (+2.75), high of 1332.25, low of 1313.5. January ‘27 Soybeans (ZSF27) settled at 1337.25 (+3.25), high of 1348.75, low of 1330. Cash price is at 1294 (+14)
December Bean Meal (ZMU26) settled at 366.9 (+1.50) high of 368.7, low of 362.4
December Bean Oil (ZLK26) settled at 69.51 (-.84) high of 71.09, low of 69.34
Meal to Oil ratio (51.05% Meal – 48.95% Oil)
ZSX26 Moving Averages – (1314) 5-day, (1286) 20-day, (1234) 50-day, (1200) 100-day, (1156) 200-day
ZSF27 Moving Averages – (1330) 5-day, (1302) 20-day, (1249) 50-day, (1214) 100-day, (1169) 200-day
ZMZ26 Moving Averages – (359.4) 5-day, (345.9) 20-day, (330.3) 50-day, (321.8) 100-day, (318.7) 200-day
ZLZ26 Moving Averages – (70.36) 5-day, (70.02) 20-day, (69.74) 50-day, (69.45) 100-day, (63.19) 200-day
CORN –
December’26 Corn settled at 534.25 (-1.75) (ZCU26) high of 539.25, low of 529. March ’27 Corn (ZCZ26) settled at 548.25 (-2). Cash price is 544 (+2)
December corn made a high at 539 ¼ overnight but failed to trade above that price during today’s session. Corn has held above 529-530 well recently, even with crude breaking lower. The fed hiked its benchmark interest rate 25 basis points today, as expected. It was the first rate hike since 2023.
ZCZ26 Moving Averages – (533) 5-day, (529) 20-day, (494) 50-day, (481) 100-day, (475) 200-day
ZCH27 Moving Averages – (548) 5-day, (544) 20-day, (509) 50-day, (496) 100-day, (488) 200-day
WHEAT –
December Chicago Wheat (ZWZ26) settled at 730.75 (+4), with a high of 736, low of 723.5. March ‘27 Wheat (ZWH26) settled at 748.75 (+4.25). Chicago Wheat has a cash price of 668 (+6). December KC Wheat (KEZ26) settled at 799.5 (+5)
Chicago wheat is well off its highs and is going to continue to have headline risk going forward. Reports are that Russia is trying to maintain its status as the largest wheat exporter, despite attempts from Lithuania and Latavia to prevent grain from moving through Baltic ports. In the U.S., Spring wheat harvest is wrapping up.
ZWZ26 Moving Averages – (729) 5-day, (736) 20-day, (698) 50-day, (672) 100-day, (636) 200-day
ZWH27 Moving Averages – (745) 5-day, (752) 20-day, (714) 50-day, (688) 100-day, (651) 200-day
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Hans Schmit
Broker, Pure Hedge Division
312-765-7311
hschmit@walshtrading.com
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