SOYBEANS–
Soybeans were sharply lower today following yesterday’s rally. Soybean meal and soybean oil were also being sold today. There was another flash sale of 132k mt of soybeans for delivery to China, which follows 488k and 136,150 mt sales yesterday. Soybean conditions were 63% good/excellent yesterday versus 69% last year. November soybeans are at a key support level now at 1170.
September ’26 Soybeans (ZSU26) settled at 1158.25 (-15.25), high of 1177, low of 1152.25. November Soybeans (ZSX26) settled at 1177.25 (-15), high of 1195.25, low of 1170. Cash price is at 1166 (+1)
September Bean Meal (ZMU26) settled at 312.6 (-2.80) high of 316.4, low of 311.4
September Bean Oil (ZLK26) settled at 68.06 (-.73) high of 69.48, low of 67.7
Meal to Oil ratio (47.825% Meal – 52.175% Oil)
ZSU26 Moving Averages – (1170) 5-day, (1192) 20-day, (1163) 50-day, (1162) 100-day, (1129) 200-day
ZSX26 Moving Averages – (1187) 5-day, (1205) 20-day, (1176) 50-day, (1170) 100-day, (1134) 200-day
ZMU26 Moving Averages – (315.7) 5-day, (319.0) 20-day, (312.4) 50-day, (313.5) 100-day, (315.4) 200-day
ZLU26 Moving Averages – (68.23) 5-day, (71.17) 20-day, (70.86) 50-day, (69.33) 100-day, (61.42) 200-day
CORN –
September ’26 Corn settled at 442 (-7.25) (ZCU26) high of 452, low of 441. December ’26 Corn (ZCZ26) settled at 465.25 (-7.25). Cash price is 466 (+6)
Corn finished the day lower after briefly spending time above the 470 resistance level in the overnight session. Yesterday’s Crop Progress report had corn conditions falling 2 points, from the week prior, to 61% good/excellent. Corn conditions are well behind last year at 73%.
ZCU26 Moving Averages – (445) 5-day, (447) 20-day, (438) 50-day, (455) 100-day, (453) 200-day
ZCZ26 Moving Averages – (468) 5-day, (470) 20-day, (459) 50-day, (473) 100-day, (468) 200-day
WHEAT –
September Chicago Wheat (ZWU26) settled at 638 (-13), with a high of 659.50, low of 635.50. December ‘26 Wheat (ZWZ26) settled at 657 (-12.25). Chicago Wheat has a cash price of 620 (+11). September KC Wheat (KEU26) settled at 707 (-10.25)
Wheat was sold hard today, with the sell-off in the other grains. September wheat has support below at 636. Winter wheat harvest was estimated 5 points higher at 86% complete yesterday, compared to 85% this time last year. Spring wheat harvest is estimated at 5% complete, with conditions rated 55% good/excellent.
ZWU26 Moving Averages – (650) 5-day, (659) 20-day, (628) 50-day, (631) 100-day, (600) 200-day
ZWZ26 Moving Averages – (668) 5-day, (676) 20-day, (645) 50-day, (649) 100-day, (618) 200-day
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Hans Schmit
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312-765-7311
hschmit@walshtrading.com
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