SOYBEANS–
Soybeans were sharply lower this morning after China failed to cut the 10% import tariff. China was buying soybeans ahead of the meetings last week and may decide to increase purchases again now that soybeans are trading at a discount. Managed money was long more soybean meal on Friday’s COT report.
November’26 Soybeans (ZSX26) settled at 1288.25 (-31.25), high of 1322.5, low of 1279.25. January ‘27 Soybeans (ZSF27) settled at 1302.25 (-30.25), high of 1335.5, low of 1293.75. Cash price is at 1285 (+1)
December Bean Meal (ZMU26) settled at 359.0 (-12) high of 371, low of 358.1
December Bean Oil (ZLK26) settled at 67.63 (-.21) high of 68.18, low of 66.61
Meal to Oil ratio (52.55% Meal – 47.35% Oil)
ZSX26 Moving Averages – (1313) 5-day, (1313) 20-day, (1253) 50-day, (1212) 100-day, (1165) 200-day
ZSF27 Moving Averages – (1328) 5-day, (1328) 20-day, (1268) 50-day, (1226) 100-day, (1177) 200-day
ZMZ26 Moving Averages – (368.8) 5-day, (359.9) 20-day, (338.4) 50-day, (326.1) 100-day, (320.3) 200-day
ZLZ26 Moving Averages – (67.76) 5-day, (69.60) 20-day, (69.38) 50-day, (69.40) 100-day, (63.83 ) 200-day
CORN –
December’26 Corn settled at 522.25 (-6) (ZCU26) high of 529, low of 517.25. March ’27 Corn (ZCZ26) settled at 535.75 (-6.25). Cash price is 530 (+0.75)
Corn was lower along with soybeans and wheat today. China cut the tariff on corn but has yet to purchase corn for the current marketing year. Corn planting in Brazil is just beginning.
ZCZ26 Moving Averages – (528) 5-day, (534) 20-day, (505) 50-day, (484) 100-day, (477) 200-day
ZCH27 Moving Averages – (542) 5-day, (548) 20-day, (520) 50-day, (499) 100-day, (491) 200-day
WHEAT –
December Chicago Wheat (ZWZ26) settled at 687.5 (-15.75), with a high of 703, low of 683. March ‘27 Wheat (ZWH26) settled at 703.5 (-16.50). Chicago Wheat has a cash price of 640 (-3). December KC Wheat (KEH27) settled at 744.50 (-17.50)
Wheat is starting to look very ugly technically, despite the recent attacks on Ukrainian ships. December wheat lost the 700 support level ahead of today’s session. In addition to the lack of new Chinese purchases the Plains are starting to see some drought relief.
ZWZ26 Moving Averages – (705) 5-day, (731) 20-day, (706) 50-day, (675) 100-day, (641) 200-day
ZWH27 Moving Averages – (720) 5-day, (747) 20-day, (722) 50-day, (691) 100-day, (657) 200-day
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