SOYBEANS–
Soybeans made a high at 1188 before finishing the day close to unchanged. The drought monitor was up 3 points this week, with 70% of the country facing abnormal dryness or drought. Today’s export report showed China doing a majority of the buying through the week ending August 6. China bought 1.5 mmt of the 1.8 mmt total sales.
September ’26 Soybeans (ZSU26) settled at 1167.25 (+2), high of 1171, low of 1161.25. November Soybeans (ZSX26) settled at 1183 (-.25), high of 1188, low of 1178.75. Cash price is at 1172 (+16)
September Bean Meal (ZMU26) settled at 307.3 (-1.20) high of 312.4, low of 306.9
September Bean Oil (ZLK26) settled at 68.70 (-.46) high of 69.41, low of 68.50
Meal to Oil ratio (46.775% Meal – 53.225% Oil)
ZSU26 Moving Averages – (1160) 5-day, (1184) 20-day, (1160) 50-day, (1163) 100-day, (1133) 200-day
ZSX26 Moving Averages – (1178) 5-day, (1200) 20-day, (1174) 50-day, (1172) 100-day, (1137) 200-day
ZMU26 Moving Averages – (307.1) 5-day, (316.4) 20-day, (310.8) 50-day, (313.1) 100-day, (315.6) 200-day
ZLU26 Moving Averages – (68.86) 5-day, (70.29) 20-day, (70.15) 50-day, (69.65) 100-day, (62.03) 200-day
CORN –
September ’26 Corn settled at 448.50 (-8.50) (ZCU26) high of 457.25, low of 446.75. December ’26 Corn (ZCZ26) settled at 472.25 (-8.50). Cash price is 469 (+20)
There was some profit taking in corn taking place today following yesterday’s friendly report. The yield was cut heavily to 180.7 bpa from 183 bpa in July. In addition to a lower yield, the export estimate was raised to 3,275. Ending stocks were lowered from 1,790 bb to 1,653.
ZCU26 Moving Averages – (443) 5-day, (448) 20-day, (436) 50-day, (453) 100-day, (452) 200-day
ZCZ26 Moving Averages – (467) 5-day, (471) 20-day, (457) 50-day, (471) 100-day, (468) 200-day
WHEAT –
September Chicago Wheat (ZWU26) settled at 653.25 (+.50), with a high of 665, low of 645.5. December ‘26 Wheat (ZWZ26) settled at 668.50 (-1.25). Chicago Wheat has a cash price of 610 (+22). September KC Wheat (KEU26) settled at 721 (+.25)
Yesterday’s WASDE was quiet for wheat, but domestic ending stocks were cut 5 mb to 717 mb. World ending stocks were raised from 272.84 mmt to 273.25 mmt. This morning wheat made a high at 681 ¼ before sinking to 661 ¾ within 10 minutes. HRW is currently wrapping up in the Plains, less than 10% of the crop is left to be harvested.
ZWU26 Moving Averages – (643) 5-day, (659) 20-day, (629) 50-day, (633) 100-day, (603) 200-day
ZWZ26 Moving Averages – (660) 5-day, (676) 20-day, (646) 50-day, (650) 100-day, (621) 200-day
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Hans Schmit
Broker, Pure Hedge Division
312-765-7311
hschmit@walshtrading.com
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