SOYBEANS–
Soybeans had a bullish reaction to the August WASDE report initially, making a high at 1198 ¾ before fading as the day went on. Planted area was raised 1.4 million acres above the July report but there was also a small cut to the yield estimate. The average trade estimate was 52.9 bushels per acre, compared to the USDA figure at 52.7 bpa. New crop ending stocks came in above expectations at 320 mb versus the July report at 310 mb and the average trade estimate at 302 mb
September ’26 Soybeans (ZSU26) settled at 1165.50 (+14), high of 1181.5, low of 1150.25. November Soybeans (ZSX26) settled at 1183.25 (+14.5), high of 1198.75, low of 1167.5. Cash price is at 1156 (-11)
September Bean Meal (ZMU26) settled at 308.3 (+3.30) high of 311.6, low of 305.3
September Bean Oil (ZLK26) settled at 69.11 (+.54) high of 69.34, low of 68.06
Meal to Oil ratio (46.775% Meal – 53.225% Oil)
ZSU26 Moving Averages – (1159) 5-day, (1185) 20-day, (1160) 50-day, (1163) 100-day, (1132) 200-day
ZSX26 Moving Averages – (1177) 5-day, (1200) 20-day, (1174) 50-day, (1172) 100-day, (1137) 200-day
ZMU26 Moving Averages – (307.9) 5-day, (317.1) 20-day, (311.0) 50-day, (313.2) 100-day, (315.6) 200-day
ZLU26 Moving Averages – (68.65) 5-day, (70.43) 20-day, (70.29) 50-day, (69.60) 100-day, (61.94) 200-day
CORN –
September ’26 Corn settled at 457.25 (+20.50) (ZCU26) high of 457.75, low of 436. December ’26 Corn (ZCZ26) settled at 481 (+20.50). Cash price is 449 (-1)
Corn had a very bullish reaction to the August WASDE, trading as high as 481 ½. The USDA cut its yield estimate to 180.7 bpa, from 183 bpa previously. Ending stocks were lowered from 1,790 bb to 1,653 bb.
ZCU26 Moving Averages – (442) 5-day, (448) 20-day, (436) 50-day, (453) 100-day, (452) 200-day
ZCZ26 Moving Averages – (465) 5-day, (471) 20-day, (457) 50-day, (471) 100-day, (468) 200-day
WHEAT –
September Chicago Wheat (ZWU26) settled at 653 (+22.75), with a high of 657.75, low of 631.5. December ‘26 Wheat (ZWZ26) settled at 669.75 (+21.50). Chicago Wheat has a cash price of 587 (-10). September KC Wheat (KEU26) settled at 720.75 (+21.50)
Wheat had a bullish reaction to the crop report as well. December wheat made a high at 674 ¼ after the report came out. Not too much was changed from the July report. The USDA made a slight reduction to wheat ending stocks, reducing the estimate 5 mb to 717.
ZWU26 Moving Averages – (638) 5-day, (660) 20-day, (629) 50-day, (632) 100-day, (603) 200-day
ZWZ26 Moving Averages – (657) 5-day, (677) 20-day, (646) 50-day, (650) 100-day, (620) 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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