Jon Wiedeman 9/30/2025
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Daily ZSX5:
November beans closed the day lower and held the psychological $10 level after the Quarter Stocks report came out earlier this morning. November beans have broken over 50 cents from recent highs and now have support at $10 then 994 on the daily charts. As far as resistance goes, we have 1024 ¾ which is the 50day moving average on the daily charts. (see chart below).
Weekly ZSX5:
Looking at the weekly charts for November beans we have resistance at the 14 day which is 1025 ½ and the 50 day at 1027 ¾. For support on the weekly charts, we have $10 then 984 ½ followed by 981 ¼. (see chart below)
Fundamentals:
The USDA Quarter stocks report came out this morning coming in at 316 million bushels vs the average guess of 325. That was towards the lower end of the range analyst were predicting which was 295 to 366 million bushels. Without China coming into our export markets and harvest pressure occurring beans are seeing an uphill battle without any harvest delays.
Trade Ideas:
Long the 1050-1100 call spread in November beans for 10 cents. Cover the short 11 calls for ½ cent or better.
Daily ZCZ5:
December corn finished the day lower and settled right above support of the 50day moving average on the daily charts which is 414 ½. Below there we have support at 403 ½. As far as resistance goes, we have the 21-day moving average coming in at 422 ¼ then followed by the 14 day which is 423 ¾. (see chart below).
Weekly ZCZ5:
Looking at the weekly charts for December corn we have resistance at last week’s high of 428 ¼ and followed by the 50day at 439 ¾. For support I am using 403 ½. (see chart below).
Fundamentals:
The USDA Quarterly Stocks report came out this morning with stocks at 1.532 billion bushes vs average guesses of 1.336 billion bushels. The range from the private analysts was 1.26-.145 billion bushels. Corn stocks came in above the highest estimate and harvest pressure coming in from a very large corn crop being harvested currently, just like beans corn is looking like it will also have an uphill battle for what we know right now.
Trade Ideas:
Long the December 410-450 call spread for 8½ cents. Place an order to buy back the short 450 calls for ½ cent.
Daily ZWZ5:
December wheat made a new contract low today after the USDA Quarterly Stocks report of 506 ¾. December wheat looks to be targeting the $5 level with the abundance of world wheat around which I am using now as support on the daily charts. For resistance I am using 521 ½ which is both the 14- and 21-day moving averages. (see chart below).
Weekly ZWZ5:
Looking at the weekly charts for December wheat we have support just like the daily charts at the psychological $5 level. For resistance we have last week’s high of 527 ¾ then the 14-day moving average of 537 ¾. (see chart below).
Fundamentals:
The USDA report showed all wheat production at 1.985 billion bushels. This compares to the analyst average of 1.921 billion bushels, with the range from 1.898 to 1.950 billion bushels. With another bearish report for wheat and an abundance of global supplies we will have to see if we can get any bullish news to keep wheat holding above the $5 level.
Trade Ideas:
Long the 530 – 570 Dec call spread for 9 cents.
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Jon Wiedeman
Pure Hedge Division
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