SOYBEANS–
November beans made at 1172 before reversing and finishing lower on the day. China booked almost half of the new crop sales on today’s export report. The soybean oil share has gone down significantly from just a few weeks ago.
November’26 Soybeans (ZSX26) settled at 1268 (-2.50), high of 1272, low of 1250.75. January ‘27 Soybeans (ZSF27) settled at 1278.50 (-2.25), high of 1286.75, low of 1265.75. Cash price is at 1258 (+27)
December Bean Meal (ZMU26) settled at 340.4 (+1.10) high of 343.3, low of 335.8
December Bean Oil (ZLK26) settled at 68.37 (+.63) high of 69.5, low of 66.02
Meal to Oil ratio (49.45% Meal – 50.55% Oil)
ZSX26 Moving Averages – (1236) 5-day, (1191) 20-day, (1179) 50-day, (1170) 100-day, (1139) 200-day
ZSF27 Moving Averages – (1261) 5-day, (1221) 20-day, (1207) 50-day, (1194) 100-day, (1156) 200-day
ZMZ26 Moving Averages – (332.8) 5-day, (321.3) 20-day, (317.6) 50-day, (316.6) 100-day, (317.6) 200-day
ZLZ26 Moving Averages – (68.18) 5-day, (68.55) 20-day, (68.64) 50-day, (68.57) 100-day, (61.93) 200-day
CORN –
December’26 Corn settled at 533.5 (-5) (ZCU26) high of 537.5, low of 528. March ’27 Corn (ZCZ26) settled at 547.25 (-5.5). Cash price is 531 (+13)
Corn made a high a 537 ½ before reversing lower on the day. Drought in the EU, Black Sea export disruptions, potential lower US corn yields, and South American weather uncertainty are all playing a role in the recent rally in corn. It will be interesting to see what the USDA does on the September crop report. Funds were long over 250k contracts of corn futures and options on last Friday’s COT report.
ZCZ26 Moving Averages – (523) 5-day, (487) 20-day, (470) 50-day, (473) 100-day, (470) 200-day
ZCH27 Moving Averages – (538) 5-day, (502) 20-day, (485) 50-day, (488) 100-day, (483) 200-day
WHEAT –
December Chicago Wheat (ZWZ26) settled at 760.75 (+9.75), with a high of 767.5, low of 741. March ‘27 Wheat (ZWZ26) settled at 773.25 (+8). Chicago Wheat has a cash price of 693 (+45). December KC Wheat (KEZ26) settled at 820 (+11.25)
Fear of Russian escalation in Ukraine helped wheat trade limit up yesterday. Wheat made a new three-year high in the overnight session. Egypt has been buying wheat from France instead of the Black Sea because of the war. Egypt is the largest wheat importer in the world and typically makes the bulk of its purchases from Ukraine or Russia. US wheat exports were 402k for the current marketing year.
ZWZ26 Moving Averages – (722) 5-day, (683) 20-day, (664) 50-day, (657) 100-day, (626) 200-day
ZWH27 Moving Averages – (739) 5-day, (700) 20-day, (680) 50-day, (672) 100-day, (641) 200-day
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Hans Schmit
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hschmit@walshtrading.com
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