Walsh Pure Technicals - Pure Hedge Division
Jon Wiedeman 9/9/2025
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Daily ZSX5:
November beans had a very tight trading range today with soybean meal showing some signs of life after their recent break. We are bumping up against resistance in December meal at the 290.0 level. Looking at November beans we have support at the 50 day moving average which is 1024 then 1021 ½ which is last week's low. As far as resistance goes in Nov beans we have the 21 day moving average at 1039 ½ then 1042 ½ which is the 14 day. (see chart below).
Weekly ZSX5:
Looking at the weekly charts for November beans we have resistance at 1053 which is last week’s high as well as 1062 ¾ which was the month of August’s high. For support I am using last week’s low of 1021 ½. (see chart below).
Fundamentals:
The USDA crop ratings came down one point to 64% good to excellent but came in slightly above the average trade estimate. The interesting part about the ratings is that looking at last year soybean ratings are now lower during this time frame than last years. We will continue to watch meal as it bumps up against the resistance level of 290.0 off of the Dec contract. Friday, we have the monthly USDA supply and demand report so we will see if there are any major changes from the USDA.
Trade Ideas:
Long the 1050-1100 call spread in November beans for 10 cents.
Daily ZCZ5:
December corn ended the day lower but continues to close above the 50day moving average which comes into play at 414 which also coincides with the 14 day moving average which is 414 ½ which I am using as support. As far as resistance goes for Dec corn on the daily charts we have last week's high of 424 ¾ and 429 which is the 100 day moving average. (see chart below). I want to also mention that the last time we have tested the 100 day moving average in Dec corn was May 22nd as corn was back above the 450 level.
Weekly ZCZ5:
Looking at the weekly charts for December corn we have resistance at last week’s high of 424 ¼ then the 21 day moving average which is 429 ½. Support is coming in at 414. (see chart below).
Fundamentals:
December corn crop ratings lost one point in the good to excellent category and is now rated at 68%, slightly above the analyst estimates. Just like the soybean market corn also had a pretty tight trading range today with anticipation of the USDA report Friday at 11 am central time. With harvest slowly beginning eyes are on weather which for what we see right now doesn’t seem to bring any major delays from the current forecasts.
Trade Ideas:
Buying the December 410-450 call spread for 8½ cents.
Daily ZWZ5:
December wheat was able to trade up to 525 which took out yesterday's high by a ½ cent before drifting lower on the day. For support on the daily charts for Dec wheat we have the contract low of 514 ½. As far as resistance goes, we have both the 14 day and 21 day moving average coming in at 526 ¼ then last week's high of 532. (see chart below).
Weekly ZWZ5:
Looking at the weekly charts for December wheat, we have resistance at last week’s high of 532 and support at the contract low of 514 ½. (see chart below).
Fundamentals:
With wheat trying to stabilize after making a new contract low last week and global supplies in abundance we need to settle above the 14 and 21 day which is 526 ¼ to see a technical bounce to test the 50 day moving average which is 544 in my opinion. We will see if the USDA makes any drastic changes to the wheat numbers Friday.
Trade Ideas:
Long the 530 – 570 Dec call spread for 9 cents.
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Jon Wiedeman
Pure Hedge Division
Direct: 1 312 957 8108
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