Walsh Pure Technicals - Pure Hedge Division

Jon Wiedeman                                                                                                                                                                                         7/29/2025 

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Daily ZSX5: 

November beans traded both sides of unchanged today with no major news in regard to a trade deal with China. Soybean Oil led the bean complex with taking out last week’s high at 56.60 off of the September contract.  Looking at November beans on the daily charts, we did gap lower on the Sunday night trade but was able to close that gap yesterday and looking at some of the moving averages as resistance we now have the 14 day at (1018) the 21 day (1021 ¼) 100 day (1026 ½) 200 day (1027 ½) and last the 50 day at (1031 ½) (see chart below). Below the $10 level we have a low at 998 ¼ as support, then 971 ¼ which was the low April 9^th.

Weekly ZSX5:

Looking at November beans on the weekly charts we have support at 998 ¼ which has been the month of July’s low then the April low of 971 ¼. The moving averages are coming at (1028 ¾) for the 21 day, 50 day (1033) 14 day (1033 ¾) and lastly the 100 day (1100) which we are using as resistance as well as last week’s high (1035 ¼) (see chart below). 

Fundamentals: 

Soybeans have been making lower highs on the charts as of recent and the market is looking for some bullish news from China this week.  Soybean crop conditions are the best in 5 years during this time frame and with Meal continuing to slide lower to contract lows the market is struggling to find some support.  We still have to pay close attention to the weather during the month of August, but the forecast continues to look favorable.  Continue to watch for headlines regarding any trade deals in the upcoming days.

Trade Ideas: 

I am keeping an eye on the 1040-1044 levels in November beans to take a stab at getting short the market risking 10 cents from entry with a stop. 

Daily ZCZ5:

December corn closed the day lower and testing support of 407 ½ which is the contract low. Looking at the moving averages on the daily charts we have resistance at (418 ½) which is the 14 day, (420 ¼) 21 day, (431 ¾) 50 day and lastly closing the gap at (432 ¾) which took place over the 4^th of July weekend. (see chart below).

Weekly ZCZ5:

Looking at the longer-term charts we have support in December corn at 407 ½. With corn also making lower highs on the weekly charts as of late the market acts heavy. With resistance coming in at last month's high of (430 ¼) and the moving averages on the weekly’s coming in at (434 ½) for the 14 day (440 ¾) for the 21 day and lastly (444 ¾) for the 50 day (see chart below).

Fundamentals: 

We are keeping an eye on some potential severe weather across the plains forecasted that could bring damaging winds and hail.  Corn crop conditions are staying relatively steady at 73% good to excellent category. We need some fresh news to spark the corn market which in my opinion would come from China.  The dollar has also been on a relatively decent rally this month which isn’t helping grain prices and something to keep an eye on.

Trade Ideas:

Sitting tight and waiting to see how market acts around the $4 level and see if we can get some positive news from China.

Daily ZWU5:

September Wheat led the grain complex lower and making new two-month lows. With harvest pressure adding to the weakness, we continue to see the market grind lower.  The daily moving averages which we are using as resistance are coming in at the 14 day at (541 ¼) 21 day (544 ¼) 50 day (550 ¼) and lastly the 100 day (558 ½) (see chart below).  I’m watching 521 ¼ as support and the May 13^th low.

Weekly ZWU5:

As far as resistance goes on the weekly charts for September wheat we have last week’s high at 552 ¾ and the weekly moving averages are coming in at (550 ¼) for the 14 day, the 21 day at (558 ¼) the 50 day (583 ¼) and lastly the 100 day at (622) (see chart below).

Fundamentals:

Wheat is definitely seeing some harvest pressure coming into the market and looking for some fresh news to break its current downtrend. Keep an eye on any trade talk that could spark some buying interest in the market.

Trade Ideas:

With the market turned down and below the moving averages, I am sitting tight in the wheat market and waiting for some fresh news.

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Jon Wiedeman

Pure Hedge Division

Direct: 1 312 957 8108

jwiedeman@walshtrading.com

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