Jon Wiedeman                                                                                                                            8/21/2025 

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Daily ZSX5: 

November beans closed the day sharply higher led by soybean oil!  Nov beans got above 10.50 and found some more buying interest and / or short covering and is looking to test the July 3 high of 10.58 ½ which I am currently using as resistance on the daily charts and above that 1074 ¼.   As far as support goes, I am using the recent low of 10.26 ¾ and then we have a cluster of moving averages as support as well.  Those moving averages are coming in at 1026 ½ which is the 100 day, 1026 the 200 day and lastly the 50 day which is 1024. (see chart below).

Weekly ZSX5:

November beans weekly charts just like the daily charts have support with a cluster of moving averages we can use as support.  Starting with the 50 day at 1031 ¾ the 14 day at 1031 ½ and lastly the 21 day which is at 1029 ¼. For resistance I am using 1074 ¼. (see chart below).

Fundamentals:

Early results from the Pro Farmer pod count estimates in Illinois was a record and as far as Iowa goes so far, they are sitting pretty solid as well.  We will continue to watch any updates on this tour and we will get the final results tomorrow at 1:30 central time.  There will definitely be some volatility on the Sunday night trading session. Exports this morning was above the average estimate but we are still waiting to see if China pulls the trigger on any purchases soon.

Trade Ideas: 

Still like being long the 1050-1100 call spread in November beans for 10 cents. 

Daily ZCZ5:

December corn closed sharply higher just like beans today even with solid yield results from the Pro Farmer tour.  There has also been talks about disease being spotted on the crop tour so we will see how it affects their final yield numbers that will be posted tomorrow afternoon. With December corns strong close today in my opinion the next stop is going to be a test of the 50 day moving average on the daily charts which is 418 ½. The last time we tested the 50 day moving average was July 3^rd. For support we have the 21 day moving average coming at 407 and the 14 day at 403 ½. (see chart below).

Weekly ZCZ5:

Looking on the weekly charts for December corn we traded above last week's high and looking at longer term resistance I am using 418 ½ then come the weekly moving averages which is 427 for the 14 day lastly 435 for the 21 day on the weekly charts (see chart below).

Fundamentals: 

With the Pro Farmer crop tour in full swing and yields coming in above average, we will continue to see what the results are today and tomorrow to get the final yield tomorrow afternoon.  Like beans I expect some volatility in Sunday nights trade.  Demand has also been good for corn with exports this morning coming in above estimates. 

Trade Ideas:

Sitting tight and waiting to see what the final yield of the Pro Farmer tour says tomorrow afternoon.

Daily ZWZ5:

With exports this morning in wheat coming in below expectations wheat was still able to close in the green.  A strong performance yesterday after making a new contract low, wheat is showing some signs of life, and I am using 517 ¼ as support.  Resistance on the daily charts is coming in at 536 ¼ which is the 21 day moving average and above that 557 which is the 50 day (see chart below).

Weekly ZWZ5:

December wheat made a new contract low of 517 ¼ yesterday which I am using as support.  For resistance I am using last week’s high of 542 ¾ then 563 ¼ (14 day) on the weekly charts. (see chart below).

Fundamentals:

With yesterday’s strong close look to test last week's high of 542 ¾ in my opinion.  We will also look to see tomorrow afternoon what the commitment of trader's report says on how the funds are sitting position wise. 

Trade Ideas:

Still like being long the 530 – 570 Dec call spread for 9 cents.

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Jon Wiedeman

Pure Hedge Division

Direct: 1 312 957 8108

jwiedeman@walshtrading.com

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