SOYBEANS–
Soybeans were sharply lower after today’s crop report. The yield estimate was raised very slightly from last month and higher than the average trade estimate. The export estimate was raised 25 mb above last month, which helped ending stocks fall by 10 mb. Soybean stocks/use is now 6.8% from 7.1% last month.
November’26 Soybeans (ZSX26) settled at 1296.5 (-33.25), high of 1335.25, low of 1293. January ‘27 Soybeans (ZSF27) settled at 1312 (-33), high of 1350.25, low of 1308.25. Cash price is at 1307 (+23)
December Bean Meal (ZMU26) settled at 353.8 (-3.10) high of 357, low of 350.8
December Bean Oil (ZLK26) settled at 69.53 (-2.31) high of 72.23, low of 69.53
Meal to Oil ratio (50.05% Meal – 49.95% Oil)
ZSX26 Moving Averages – (1328) 5-day, (1285) 20-day, (1240) 50-day, (1210) 100-day, (1166) 200-day
ZSF27 Moving Averages – (1328) 5-day, (1285) 20-day, (1240) 50-day, (1210) 100-day, (1166) 200-day
ZMZ26 Moving Averages – (353.1) 5-day, (339.2) 20-day, (327.3) 50-day, (320.2) 100-day, (318.4) 200-day
ZLZ26 Moving Averages – (70.42) 5-day, (69.98) 20-day, (69.52) 50-day, (69.32) 100-day, (62.90) 200-day
CORN –
December’26 Corn settled at 530.25 (-1.75) (ZCU26) high of 544.75, low of 523.25. March ’27 Corn (ZCZ26) settled at 547 (-2.25). Cash price is 542 (+6)
Corn was 10 cents higher after the report came out before fading as the day went on. The average yield estimate was 178.2 bpa. The USDA estimated yield at 178.5 bpa. New crop ending stocks tightened from 1.653 bb last month to 1.567 bb. Stocks/use for corn is now 9.7% from 10.1% previously. World ending stocks were cut 2.6 mmt.
ZCZ26 Moving Averages – (532) 5-day, (522) 20-day, (489) 50-day, (480) 100-day, (474) 200-day
ZCH27 Moving Averages – (547) 5-day, (537) 20-day, (504) 50-day, (494) 100-day, (487) 200-day
WHEAT –
December Chicago Wheat (ZWZ26) settled at 725.25 (-15), with a high of 743.5, low of 716.25. March ‘27 Wheat (ZWZ26) settled at 741.25 (-14). Chicago Wheat has a cash price of 686 (+12). December KC Wheat (KEZ26) settled at 799.50 (-19.25)
Wheat was sharply lower after the report but it failed to drag corn down too hard. No changes were made to the domestic balance sheet for wheat, however world ending stocks were raised 3 mmt above last month.
ZWZ26 Moving Averages – (734) 5-day, (730) 20-day, (692) 50-day, (670) 100-day, (634) 200-day
ZWH27 Moving Averages – (750) 5-day, (746) 20-day, (707) 50-day, (685) 100-day, (649) 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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