SOYBEANS–
The grains had a bullish reaction to today’s WASDE report. November beans traded as high as 1199 after the report came out. Production was estimated slightly higher from June at 4.475 and 4.435 bb, respectively. New crop ending stocks were unchanged at 310 mb, while old crop ending stocks were cut 10 mb to 330 mb. World ending stocks for 2026-27 were cut from 124.88 mmt in June to 124.17. Beans have the 1200 resistance above, but today’s report should help soybeans chances of moving higher.
September ’26 Soybeans (ZSU26) settled at 1179.75 (+9.75), high of 1188.25, low of 1166. November Soybeans (ZSX26) settled at 1189.50 (+8), high of 1199, low of 1176.75. Cash price is at 1171 (-14)
September Bean Meal (ZMU26) settled at 316.3 (+1.90) high of 321.2, low of 314.6
September Bean Oil (ZLK26) settled at 69.90 (+.42) high of 70.34, low of 69.58
Meal to Oil ratio (47.625% Meal – 52.375% Oil)
ZSU26 Moving Averages – (1180) 5-day, (1142) 20-day, (1158) 50-day, (1152) 100-day, (1118) 200-day
ZSX26 Moving Averages – (1190) 5-day, (1155) 20-day, (1169) 50-day, (1157) 100-day, (1121) 200-day
ZMU26 Moving Averages – (304.9) 5-day, (311.5) 20-day, (312.7) 50-day, (312.7) 100-day, (313.9) 200-day
ZLU26 Moving Averages – (69.07) 5-day, (68.72) 20-day, (71.01) 50-day, (67.58) 100-day, (59.65) 200-day
CORN –
September ’26 Corn settled at 438.50 (+7) (ZCU26) high of 440, low of 429.75. December ’26 Corn (ZCZ26) settled at 460.25 (+8.25). Cash price is 444 (-3)
The USDA estimate for new crop production was above the June estimate and the pre-report trade estimate, but ending stocks were lower for new crop and old crop. New crop ending stocks were cut from 1.960 bb to 1.79 bb. World ending stocks for new crop were cut from 281.22 mmt to 275.26 mmt. The next resistance for December corn is 464 then the 100 EMA at 472.
ZCU26 Moving Averages – (437) 5-day, (425) 20-day, (448) 50-day, (456) 100-day, (453) 200-day
ZCZ26 Moving Averages – (458) 5-day, (444) 20-day, (466) 50-day, (473) 100-day, (467) 200-day
WHEAT –
September Chicago Wheat (ZWU26) settled at 639.25 (+19.50), with a high of 649.25, low of 633.75. December ‘26 Wheat (ZWZ26) settled at 653.75 (+19.75). Chicago Wheat has a cash price of 616 (+11). September KC Wheat (KEU26) settled at 675.25 (+21)
The USDA cut all wheat production from 1.543 bb to 1.536 bb. Old and new crop ending stocks were both cut. New crop ending stocks were cut from 744 mb to 722 mb. The pre-report estimate for ending stocks was 714 mb. In addition to a friendly report, wheat is being supported by hot weather and falling wheat conditions in France.
ZWU26 Moving Averages – (620) 5-day, (604) 20-day, (626) 50-day, (620) 100-day, (592) 200-day
ZWZ26 Moving Averages – (634) 5-day, (620) 20-day, (644) 50-day, (638) 100-day, (610) 200-day
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