SOYBEANS–
Soybeans continued to recover from Friday’s sell-off closing higher again today. Last week’s Commitment of Traders report showed funds long 266,031 contracts of soybeans and 159,558 contracts of soybean meal. Funds also hold a long position in soybean oil over 100,000 contracts. Soybean conditions were unchanged yesterday.
November’26 Soybeans (ZSX26) settled at 1318.75 (+15), high of 1319.50, low of 1294.25. January ‘27 Soybeans (ZSF27) settled at 1335.25 (+15), high of 1335.5, low of 1310.25. Cash price is at 1280 (-92)
December Bean Meal (ZMU26) settled at 365.4 (+9.20) high of 365.9, low of 353.3
December Bean Oil (ZLK26) settled at 70.27 (+.08) high of 70.71, low of 69.62
Meal to Oil ratio (50.75% Meal – 49.25% Oil)
ZSX26 Moving Averages – (1312) 5-day, (1281) 20-day, (1231) 50-day, (1199) 100-day, (1155) 200-day
ZSF27 Moving Averages – (1328) 5-day, (1296) 20-day, (1246) 50-day, (1213) 100-day, (1168) 200-day
ZMZ26 Moving Averages – (356.5) 5-day, (343.6) 20-day, (329.4) 50-day, (321.2) 100-day, (318.6) 200-day
ZLZ26 Moving Averages – (70.54) 5-day, (70.02) 20-day, (69.69) 50-day, (69.41) 100-day, (63.09) 200-day
CORN –
December’26 Corn settled at 535.75 (+2.50) (ZCU26) high of 536.25, low of 527.25. March ’27 Corn (ZCZ26) settled at 550.50 (+2.50). Cash price is 541 (+3)
There was a corn flash sale this morning for 264 mmt of new crop corn for delivery to Mexico. Corn traded both sides of unchanged today but finished the slightly higher. 530 is strong support for corn right now in the December contract. Corn conditions improved 1 point yesterday.
ZCZ26 Moving Averages – (532) 5-day, (527) 20-day, (492) 50-day, (481) 100-day, (474) 200-day
ZCH27 Moving Averages – (547) 5-day, (542) 20-day, (508) 50-day, (495) 100-day, (488) 200-day
WHEAT –
December Chicago Wheat (ZWZ26) settled at 727.75 (+5.75), with a high of 731, low of 711.25. March ‘27 Wheat (ZWH26) settled at 727.75 (+5.75). Chicago Wheat has a cash price of 662 (-8). December KC Wheat (KEZ26) settled at 796 (+3.50)
Wheat made a low at 711 before the open but closed higher today. Despite the increasing number of reports about a possible energy ceasefire in Ukraine, there has been nothing officially agreed upon yet. Winter wheat was 8% planted yesterday, while spring wheat harvest is 93% complete.
ZWZ26 Moving Averages – (729) 5-day, (734) 20-day, (696) 50-day, (671) 100-day, (636) 200-day
ZWH27 Moving Averages – (745) 5-day, (750) 20-day, (712) 50-day, (687) 100-day, (651) 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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