Walsh Pure Technicals - Pure Hedge Division
Jon Wiedeman 8/28/2025
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Daily ZSX5:
November beans closed the day higher with export sales coming in above the highest estimates this morning and a strong corn and wheat market. I am using resistance in November beans at 1062 ¾ and then 1074 ¼. With support coming in at 1040 ¾ which is the 14 day moving average. Last week's low of 1030 ½ is also coming in as support as well as the 100 day moving average which is (1028) the 200 day (1026) 50 day (1024 ¼) and lastly (1023 ¾). (see chart below).
Weekly ZSX5:
Looking at the weekly charts for November we have resistance at 1062 ¾ which was last week's high then 1074 ¼ to follow which was the month of June’s high. The 100-day moving average is also at 1092 ½. Just like the daily charts, the weekly charts have a good number of moving averages as support starting with the 21 day at (1032 ¼) and the 50 day (1031 ½) (see chart below).
Fundamentals:
November beans closed the day higher led by the corn and wheat. Soybean oil staged its fourth day in a row lower with the 100 day moving average coming in at 51.42 for support off of the Dec contract. Exports this morning were above the highest estimate with China still being absent from any purchases even with US beans still being the cheapest. We will continue to watch morning announcements to see if China steps in and purchases any of our soybeans.
Trade Ideas:
Still like being long the 1050-1100 call spread in November beans for 10 cents.
Daily ZCZ5:
December corn closed the day higher holding onto recent support and breaking a three-day losing streak. Corn did also see some relatively decent exports released this morning. Looking at resistance in the corn market on the daily charts we have the 50 day moving average coming in at 415 ½ and then the weekly high of 416 ½. As far as support goes, we have 403 ½ and the 400 psychological level. (see chart below).
Weekly ZCZ5:
Looking at the weekly charts for December corn we have support at 401 ¼. With resistance coming in at the 14 day moving average which is 424. (see chart below).
Fundamentals:
Corn staged an impressive rally after testing support this morning breaking a three-day losing streak and looking to test the 50 day moving average in my opinion. Corn demand still is present even with Argentina prices below the US currently. With an abundance of corn expected to be harvested soon it will be interesting to see if demand can keep up given the enormous corn crop that is expected.
Trade Ideas:
Buying the December 410-450 call spread for 8½ cents.
Daily ZWZ5:
December wheat closed higher following the strength in the corn market and not a ton of news. Exports this morning were also inline of the average estimates. Currently on the daily charts for Dec wheat we have support at 517 ¼ which is the contract low and resistance coming in at 530 which is the 21 day moving average and 532 ¾ which is yesterday’s high. (see chart below).
Weekly ZWZ5:
Looking at the weekly charts for December wheat we have resistance at 543 then 559 ¼ which is the 14 day moving average. For support in December wheat, we have 517 ¼. (see chart below).
Fundamentals:
December wheat closed the day higher along with corn, exports were also in line with what estimates were figuring this morning. With global supply in abundance, we will keep an eye if we can get a close above technical levels and find some short covering. Otherwise keep an eye on the contract low of 517 ¼.
Trade Ideas:
Still like being long the 530 – 570 Dec call spread for 9 cents.
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Jon Wiedeman
Pure Hedge Division
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