SOYBEANS–
Soybeans were sharply higher on the day, while meal finished nearly $10 higher. There was a 330k mt flash sale of soybeans to China this morning.
November’26 Soybeans (ZSX26) settled at 1266 (+23.75), high of 1270, low of 1232. January ‘27 Soybeans (ZSF27) settled at 1276 (+23.76), high of 1284.5, low of 1246.75. Cash price is at 1231 (+13)
December Bean Meal (ZMU26) settled at 338.2 (+9) high of 341, low of 328
December Bean Oil (ZLK26) settled at 67.74 (-.15) high of 67.91, low of 66.51
Meal to Oil ratio (49.45% Meal – 50.55% Oil)
ZSX26 Moving Averages – (1240) 5-day, (1202) 20-day, (1191) 50-day, (1179) 100-day, (1143) 200-day
ZSF27 Moving Averages – (1255) 5-day, (1217) 20-day, (1205) 50-day, (1193) 100-day, (1155) 200-day
ZMZ26 Moving Averages – (329.3) 5-day, (320.4) 20-day, (316.9) 50-day, (316.3) 100-day, (317.6) 200-day
ZLZ26 Moving Averages – (68.75) 5-day, (68.49) 20-day, (68.63) 50-day, (68.54) 100-day, (61.83) 200-day
CORN –
December’26 Corn settled at 535.75 (+12.25) (ZCU26) high of 538.75, low of 521.25. March ’27 Corn (ZCZ26) settled at 549.75 (+11.25). Cash price is 518 (+9)
Corn traded through resistance at 525 today, making a high at 538 ¾. The fundamental picture for corn may be aligning for a move up to $6.
ZCZ26 Moving Averages – (517) 5-day, (483) 20-day, (468) 50-day, (473) 100-day, (470) 200-day
ZCH27 Moving Averages – (532) 5-day, (499) 20-day, (483) 50-day, (487) 100-day, (483) 200-day
WHEAT –
December Chicago Wheat (ZWZ26) settled at 748.25 (+45), with a high of 748.25, low of 700.75. March ‘27 Wheat (ZWZ26) settled at 766 (+44.75). Chicago Wheat has a cash price of 648 (+8). December KC Wheat (KEZ26) settled at 809 (+38.25)
Wheat was limit up today after it was reported that Putin has plans to escalate the war in Ukraine. There seems to be a lot going on behind the scenes in Ukraine and Russia and that should continue to affect wheat going forward. Both Ukraine and Russia’s new crop production is expected to be lower going forward.
ZWZ26 Moving Averages – (710) 5-day, (679) 20-day, (662) 50-day, (656) 100-day, (625) 200-day
ZWH27 Moving Averages – (727) 5-day, (696) 20-day, (677) 50-day, (671) 100-day, (640) 200-day
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Hans Schmit
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hschmit@walshtrading.com
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