SOYBEANS–
There was a 159k mt flash sale to an unknown country for marketing year 2026/27 but it failed to help soybeans close higher. There could be some end-of-month profit-taking happening tomorrow with beans trading above 1300 today. Today, the EPA granted refinery exemptions totaling 1.76 billion credits, previously it was estimated that 990 million RINs would be exempted. Soybean oil finished close to unchanged today, while meal was sharply lower. Soybean conditions were down 2 points from last to 58% good/excellent.
November’26 Soybeans (ZSX26) settled at 1288 (-.25), high of 1294.5, low of 1277.25. January ‘27 Soybeans (ZSF27) settled at 1302.75 (unchanged), high of 1309.25, low of 1292.5. Cash price is at 1280 (+20)
December Bean Meal (ZMU26) settled at 354.4 (-3.50) high of 348.5, low of 343.2
December Bean Oil (ZLK26) settled at 71.08 (+.02) high of 71.38, low of 69.88
Meal to Oil ratio (48.875% Meal – 51.125% Oil)
ZSX26 Moving Averages – (1269) 5-day, (1216) 20-day, (1199) 50-day, (1183) 100-day, (1146) 200-day
ZSF27 Moving Averages – (1284) 5-day, (1231) 20-day, (1213) 50-day, (1197) 100-day, (1158) 200-day
ZMZ26 Moving Averages – (340.7) 5-day, (323.8) 20-day, (319.3) 50-day, (317.4) 100-day, (317.8) 200-day
ZLZ26 Moving Averages – (69.24) 5-day, (68.91) 20-day, (68.83) 50-day, (68.70) 100-day, (62.12) 200-day
CORN –
December’26 Corn settled at 537.50 (+1) (ZCU26) high of 542, low of 531.5. March ’27 Corn (ZCZ26) settled at 552 (+.75). Cash price is 529 (+1)
Corn traded close to unchanged today, despite the sell-off in wheat. Corn avoided profit-taking at the end of last week and again today, if that continues tomorrow then that’s a bullish signal. Funds were close to their record long position on Friday’s COT report. Corn conditions were unchanged from last week at 57% good/excellent.
ZCZ26 Moving Averages – (533) 5-day, (493) 20-day, (473) 50-day, (475) 100-day, (471) 200-day
ZCH27 Moving Averages – (548) 5-day, (509) 20-day, (488) 50-day, (489) 100-day, (484) 200-day
WHEAT –
December Chicago Wheat (ZWZ26) settled at 774 (-8.75), with a high of 784.75, low of 755.75. March ‘27 Wheat (ZWZ26) settled at 788.25 (-8). Chicago Wheat has a cash price of 729 (+24). December KC Wheat (KEZ26) settled at 838 (-5.75)
Wheat was sharply lower today after it was reported that Turkey is working with Russia and Ukraine on a deal to get exports moving again in the Black Sea. Wheat climbed 20 cents off the intra-day low at 755 ¾. Funds were net short Chicago wheat on Friday’s report. There was likely some short covering taking place on Wednesdays’ limit up move. Spring wheat conditions were 77% good/excellent, up 15 points from last week.
ZWZ26 Moving Averages – (754) 5-day, (695) 20-day, (670) 50-day, (660) 100-day, (628) 200-day
ZWH27 Moving Averages – (769) 5-day, (711) 20-day, (685) 50-day, (675) 100-day, (643) 200-day
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Hans Schmit
Broker, Pure Hedge Division
312-765-7311
hschmit@walshtrading.com
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