Walsh Pure Grain Technicals - Pure Hedge Division

Jon Wiedeman                                                                                                                          10/23/2025 

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Daily ZSF6: 

January beans closed the day higher led by soybean oil with a volatile trading session in the outside markets specifically in the metal complex once again.  Soybeans are on a 40-cent rally off recent news. Looking at support and resistance, we have the 50-day moving average at 1047 ½. We have now closed above the 50 day four sessions in a row. Below that I have support coming at in 1043 ½ which is both the 100- and 200-day moving average. For resistance in January beans, I have 1072 then 1081. (see chart below).

Weekly ZSF6:

Looking at the weekly charts for January beans we have resistance at 1081 then followed by the 100-period moving average of 1087 ¼. For support I am using 1018 ½ which is a double bottom on the weekly charts. (see chart below).

Fundamentals:

With the government shutdown still underway and now over 20 plus days we continue to have lack of information and relying on guesstimated info to where harvest progress is, exports, etc.  President Trump is to meet with XI next Thursday so we should get a better idea on any progress of a trade deal. The 6-10 forecast is calling for above normal rain forecast for the north-central part of the country.  As always, we will continue to watch the headlines for further guidance for a progress with China.

Trade Ideas: 

Still long the November 1050 calls that expire on Friday.

Daily ZCZ5:

December corn closed the day higher following both wheat and beans to the upside.  With new highs for the month December corn looks to be targeting the double top of 431 ¼. We still have a gap to fill at 432 ¾ which dates back to July 3.  I am currently using 431 ¼ then 432 ¾ followed by 437 ½ which is the 200-day moving average for resistance.  As far as support goes, we have 418 ½ and then 417 ¾ which is the 50-day moving average for support. (see chart below).

Weekly ZCZ5:

Looking at the weekly charts for December corn we have resistance at 438 ½ which is the 50-period moving average.  Followed by support of the 14-period moving average at 417 ¾. (see chart below).

Fundamentals: 

With the entire grain complex not getting updated information with the government shut down we have to improvise and go off what analysist are guessing which is always challenging.  With the strength in crude oil over the past two trading sessions and ethanol production making a new high of production for this time of year corn is seeing buying coming into the market.  We will also keep an eye on any trade deals with India which are in the talks. With firm crude prices and corn demand I think a test of the July 3^rd gap is not out of the question.  

Trade Ideas:

Long the December 410-450 call spread for 8½ cents. Place an order to buy back the short 450 calls for ½ cent. 

Daily ZWZ5:

December wheat closed the day 9 ¼ cents higher and now is 20 plus cents off the contract low of 492 ¼. Looking at resistance on the daily charts for December wheat we have resistance at 517 ½ which is the 50-day moving average.  The last time December wheat has closed above the 50day moving average was July 10^th and the 50day moving average was at 573.  For support I am using the contract low of 492 ¼. (see chart below).

Weekly ZWZ5:

Looking at the weekly charts for December wheat we have support at 492 ¼.  For resistance we are using the 14-period moving average of 523 ¾ for December wheat on the weekly charts. (see chart below).

Fundamentals:

Global supplies continue to be burdensome for wheat but with the ongoing sanctions with Russia it’s hard to stay comfortable either side of the market.  Funds are still short a good amount of wheat in my opinion but again with out and fresh commitment of traders report it is difficult to exactly see where they stand position wise.  Keep an eye on any headlines regarding Russia and the weather forecast which is supposed to bring a good amount of moisture to the southern plains this weekend.

Trade Ideas:

Long the 530 – 570 Dec call spread for 9 cents.  Place an order to cover the short 570 calls for ½ cent.

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Jon Wiedeman

Pure Hedge Division

Direct: 1 312 957 8108

jwiedeman@walshtrading.com

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