SOYBEANS–
Soybeans finished the day slightly higher bouncing off the key support level I mentioned yesterday, 1170. China bought 13 cargoes of US beans yesterday, in addition to a 122k mt flash sale today. Meanwhile, a wet forecast is weighing on the beans.
September ’26 Soybeans (ZSU26) settled at 1159.25 (+2.75), high of 1161, low of 1151.75. November Soybeans (ZSX26) settled at 1177.50 (+2.75), high of 1179, low of 1170.5. Cash price is at 1153 (-3)
September Bean Meal (ZMU26) settled at 311.1 (+0.90) high of 312.5, low of 309.7
September Bean Oil (ZLK26) settled at 67.71 (-.01) high of 68.28, low of 67.24
Meal to Oil ratio (47.925% Meal – 52.075% Oil)
ZSU26 Moving Averages – (1164) 5-day, (1190) 20-day, (1162) 50-day, (1162) 100-day, (1131) 200-day
ZSX26 Moving Averages – (1182) 5-day, (1204) 20-day, (1175) 50-day, (1170) 100-day, (1135) 200-day
ZMU26 Moving Averages – (313) 5-day, (318.9) 20-day, (312.0) 50-day, (313.4) 100-day, (315.5) 200-day
ZLU26 Moving Averages – (67.94) 5-day, (70.95) 20-day, (70.71) 50-day, (69.37) 100-day, (61.58) 200-day
CORN –
September ’26 Corn settled at 438.75 (+2) (ZCU26) high of 440.25, low of 434.25. December ’26 Corn (ZCZ26) settled at 461.25 (+1.25). Cash price is 451 (-5)
Corn was higher today despite the wet forecast. French corn has been affected by unusually hot weather, with production estimates over 4 mmt lower than last month. Corn demand continues to be strong.
ZCU26 Moving Averages – (441) 5-day, (447) 20-day, (437) 50-day, (454) 100-day, (453) 200-day
ZCZ26 Moving Averages – (464) 5-day, (470) 20-day, (458) 50-day, (472) 100-day, (468) 200-day
WHEAT –
September Chicago Wheat (ZWU26) settled at 630.50 (-11.75), with a high of 649, low of 627.75. December ‘26 Wheat (ZWZ26) settled at 649.50 (-11.75). Chicago Wheat has a cash price of 607 (+3). September KC Wheat (KEU26) settled at 699.50 (-14)
Wheat faded the move in corn and beans today, trading sharply lower. Fundamentals have improved a lot for wheat, and export disruptions will likely continue. The next support for December wheat is 636.
ZWU26 Moving Averages – (640) 5-day, (661) 20-day, (628) 50-day, (632) 100-day, (601) 200-day
ZWZ26 Moving Averages – (659) 5-day, (679) 20-day, (645) 50-day, (649) 100-day, (619) 200-day
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hschmit@walshtrading.com
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