SOYBEANS–
The entire soybean complex was sharply higher today. China continues to buy soybeans. Another 136k mt sale was reported today. Yesterday’s EPA announcement was bullish for soybean oil despite the decision to increase refinery blending exemptions because of reallocations. The latest Crop Progress report points toward the crop size getting smaller rather than larger.
November’26 Soybeans (ZSX26) settled at 1317.75 (+30.50), high of 1320.5, low of 1290. January ‘27 Soybeans (ZSF27) settled at 1333.50 (+30.25), high of 1335.25, low of 1305. Cash price is at 1280 (+20)
December Bean Meal (ZMU26) settled at 351.9 (+6.60) high of 353.1, low of 342.5
December Bean Oil (ZLK26) settled at 72.63 (+1.50) high of 73, low of 72
Meal to Oil ratio (48.825% Meal – 51.175% Oil)
ZSX26 Moving Averages – (1285) 5-day, (1223) 20-day, (1202) 50-day, (1185) 100-day, (1147) 200-day
ZSF27 Moving Averages – (1300) 5-day, (1238) 20-day, (1217) 50-day, (1198) 100-day, (1159) 200-day
ZMZ26 Moving Averages – (345.4) 5-day, (325.5) 20-day, (320.3) 50-day, (317.8) 100-day, (317.9) 200-day
ZLZ26 Moving Averages – (70.21) 5-day, (69.16) 20-day, (68.94) 50-day, (68.79) 100-day, (62.23) 200-day
CORN –
December’26 Corn settled at 546 (+7.75) (ZCU26) high of 548, low of 534.25. March ’27 Corn (ZCZ26) settled at 559.75 (+7.50). Cash price is 532 (+3)
Corn has shown impressive strength and prices continue to grind higher. It looks like corn avoided any major end-of-month profit-taking and Friday selling last week. Unless something changes that causes funds to liquidate their near-record long position, corn should continue to rally.
ZCZ26 Moving Averages – (538) 5-day, (498) 20-day, (475) 50-day, (475) 100-day, (471) 200-day
ZCH27 Moving Averages – (552) 5-day, (513) 20-day, (491) 50-day, (490) 100-day, (484) 200-day
WHEAT –
December Chicago Wheat (ZWZ26) settled at 782.5 (+7), with a high of 792.75, low of 767. March ‘27 Wheat (ZWZ26) settled at 796.25 (+8). Chicago Wheat has a cash price of 715 (-14). December KC Wheat (KEZ26) settled at 843.50 (+5.50)
Chicago wheat made a high at 792 ¼ in the overnight session continuing the pattern of strong overnight trading in wheat. After some optimism on Sunday about a Turkey and Russia/Ukraine export deal, talks have fallen apart. Spring wheat harvest was estimated at 77% complete yesterday. It will be interesting to see if funds are still net short on this Friday’s COT report.
ZWZ26 Moving Averages – (769) 5-day, (701) 20-day, (673) 50-day, (662) 100-day, (629) 200-day
ZWH27 Moving Averages – (785) 5-day, (717) 20-day, (689) 50-day, (677) 100-day, (644) 200-day
If you’re ready to start trading, click the link below to open an account with Walsh Trading, Inc.
Hans Schmit
Broker, Pure Hedge Division
312-765-7311
hschmit@walshtrading.com
Walsh Trading, Inc.
Walsh Trading, Inc. is registered as a Guaranteed Introducing Broker with the Commodity Futures Trading Commission and an NFA Member.
Futures and options trading involves substantial risk and is not suitable for all investors. Therefore, individuals should carefully consider their financial condition in deciding whether to trade. Option traders should be aware that the exercise of a long option will result in a futures position. The valuation of futures and options may fluctuate, and as a result, clients may lose more than their original investment. The information contained on this site is the opinion of the writer or was obtained from sources cited within the commentary. The impact on market prices due to seasonal or market cycles and current news events may already be reflected in market prices. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. All information, communications, publications, and reports, including this specific material, used and distributed by Walsh Trading, Inc. (“WTI”) shall be construed as a solicitation for entering into a derivatives transaction. WTI does not distribute research reports, employ research analysts, or maintain a research department as defined in CFTC Regulation 1.71.