November beans made a high at 1231 ¾ before reversing lower the rest of the day. There was a 136k new crop flash sale this morning for delivery to China. The 8-14 day forecast has the upper Midwest receiving below normal rainfall, while parts of the South are expected to see above normal rain. There was some profit taking in soybean oil today. Soybean meal was also lower on the day.
September ’26 Soybeans (ZSU26) settled at 1199.25 (-1.75), high of 1212.25, low of 1198.25. November Soybeans (ZSX26) settled at 1215.25 (-.75), high of 1231.75, low of 1213. Cash price is at 1206 (+25)
September Bean Meal (ZMU26) settled at 312.3 (+.20) high of 316.1, low of 311.2
September Bean Oil (ZLK26) settled at 69.66 (-1.78) high of 71.9, low of 69.6
Meal to Oil ratio (47.325% Meal – 52.675% Oil)
ZSU26 Moving Averages – (1182) 5-day, (1182) 20-day, (1164) 50-day, (1164) 100-day, (1134) 200-day
ZSX26 Moving Averages – (1198) 5-day, (1198) 20-day, (1178) 50-day, (1174) 100-day, (1139) 200-day
ZMU26 Moving Averages – (310.2) 5-day, (315.1) 20-day, (310.8) 50-day, (313.0) 100-day, (315.4) 200-day
ZLU26 Moving Averages – (69.48) 5-day, (69.94) 20-day, (69.97) 50-day, (69.78) 100-day, (62.22) 200-day
CORN –
September ’26 Corn settled at 463 (-2) (ZCU26) high of 468.25, low of 462.25. December ’26 Corn (ZCZ26) settled at 487.75 (-1.75). Cash price is 477 (+6)
Corn has some resistance above in the December contract. Both corn and soybeans conditions are behind last year but corn is worse off according to the USDA. Corn was rated 60% good/excellent, which was 11 points behind this time last year.
ZCU26 Moving Averages – (453) 5-day, (450) 20-day, (438) 50-day, (453) 100-day, (453) 200-day
ZCZ26 Moving Averages – (482) 5-day, (473) 20-day, (459) 50-day, (471) 100-day, (468) 200-day
WHEAT –
September Chicago Wheat (ZWU26) settled at 660.25 (-14.50), with a high of 681.75, low of 660.25. December ‘26 Wheat (ZWZ26) settled at 677 (-12.25). Chicago Wheat has a cash price of 632 (unchanged). September KC Wheat (KEU26) settled at 600.25 (-14.50)
Wheat made a high in the overnight session at 681 ¾ before sinking lower today. The pattern of buying in the overnight and selling during the day continues. Spring wheat conditions are slightly above last year, and harvest is approaching the halfway point. Buying wheat when it’s down and selling in the overnight session may continue to be a successful strategy going forward.
ZWU26 Moving Averages – (663) 5-day, (658) 20-day, (634) 50-day, (634) 100-day, (605) 200-day
ZWZ26 Moving Averages – (679) 5-day, (675) 20-day, (650) 50-day, (652) 100-day, (622) 200-day
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Hans Schmit
Broker, Pure Hedge Division
312-765-7311
hschmit@walshtrading.com
Walsh Trading, Inc.
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