SOYBEANS–
Soybeans made a nice recovery over 1300 today in the November contract after showing weakness on Friday. The September crop report was bearish based on the market reaction and the pre-report estimates, however ending stocks were reduced 10 mb and stocks/use is now under 7%. The China-US summit is 10 days away.
November’26 Soybeans (ZSX26) settled at 1304.25 (+8.50), high of 1309.75, low of 1292. January ‘27 Soybeans (ZSF27) settled at 1320.75 (+8.75), high of 1325.25, low of 1307.25. Cash price is at 1372 (+65)
December Bean Meal (ZMU26) settled at 356.4 (+3.60) high of 359, low of 350.6
December Bean Oil (ZLK26) settled at 70.16 (+.48) high of 70.71, low of 69.55
Meal to Oil ratio (50.15% Meal – 49.85% Oil)
ZSX26 Moving Averages – (1311) 5-day, (1276) 20-day, (1229) 50-day, (1197) 100-day, (1154) 200-day
ZSF27 Moving Averages – (1327) 5-day, (1291) 20-day, (1243) 50-day, (1211) 100-day, (1167) 200-day
ZMZ26 Moving Averages – (353.4) 5-day, (341.2) 20-day, (328.3) 50-day, (320.7) 100-day, (318.5) 200-day
ZLZ26 Moving Averages – (70.61) 5-day, (70.04) 20-day, (69.62) 50-day, (69.36) 100-day, (63.00) 200-day
CORN –
December’26 Corn settled at 533.25 (+3.75) (ZCU26) high of 536.5, low of 526.25. March ’27 Corn (ZCZ26) settled at 548 (+3). Cash price is 538 (-3)
Friday’s report was pretty much in line with expectations, with yield being cut to 178.5 bpa, although that was slightly above the average pre-report estimate. Corn should continue to be supported by a tighter balance sheet. A grain deal/ceasefire in the Black Sea could however drag wheat down and bring corn with it.
ZCZ26 Moving Averages – (531) 5-day, (524) 20-day, (491) 50-day, (480) 100-day, (474) 200-day
ZCH27 Moving Averages – (547) 5-day, (539) 20-day, (506) 50-day, (495) 100-day, (487) 200-day
WHEAT –
December Chicago Wheat (ZWZ26) settled at 722 (-3.25), with a high of 734, low of 710. March ‘27 Wheat (ZWH26) settled at 739.50 (-1.75). Chicago Wheat has a cash price of 670 (-16). December KC Wheat (KEZ26) settled at 792 (-6.50)
December wheat made a high at 734 before closing lower. Headline risk is elevated for wheat as a possible energy and grain deal are being discussed. December wheat closed below the 21 DMA today; the next support is the 50 DMA.
ZWZ26 Moving Averages – (732) 5-day, (732) 20-day, (694) 50-day, (670) 100-day, (635) 200-day
ZWH27 Moving Averages – (748) 5-day, (748) 20-day, (710) 50-day, (686) 100-day, (650) 200-day
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hschmit@walshtrading.com
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