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📅 2026-10-17 · Soybeans · Single-name brief

This report is provided by MacroTerms.com

Data as of: 2026-10-16 · Settlement: Exchange final daily settlement

Soybeans (ZS=X26) Deep Dive | Bearish: 1262.25 20-day low broken, S2 1252.5 in play | 2026-10-17

Bearish on Soybeans (ZS=X26, the CBOT November contract referenced by ZS=F): the 2026-10-16 settle of 1261.25 broke below the prior 20-day low of 1262.25, confirming a fresh leg lower in a market already down 2.38% over five sessions and 3.24% over twenty. The trigger for this issue is that break, and price now sits at the 10th percentile of the 20-day channel (1253.25–1331.
5) with the pivot P at 1267.5 overhead. The fundamental offset is a strong US crush margin of 2.6721 USD/bu (2026-10-15), at the 73rd 1-year and 91st 3-year percentile, but that demand support has not arrested the slide. The term structure is in contango (M1-M2 -14.75, -1.15%, roll yield -6.93%), which is a carry cost for longs rather than a signal of prompt tightness. Seasonality over the next 20 sessions is mildly supportive (mean +1%, median +1.15%, 8 of 15 up years) but is context only against a small sample and a worst case of -8.35%. The call is bearish while price holds below the 1267.5 pivot; a daily close back above 1277.25 (the 2026-10-14 settle) invalidates the short and reopens the 1287.75 area. First target is S2 at 1252.5, roughly 0.45 ATR below the 1261.25 settle.

Previous briefs

2026-10-16:Single-nameSoybeans (ZS=X26) Deep Dive | Short: 1263 Settle Breaks 1269.75 20-Day Low | 2026-10-16 View 2026-10-15:Single-nameSoybeans (ZS=X26) Deep Dive | Long at 20-day low; invalidation 1263.08 | 2026-10-15 View 2026-10-14:Single-nameSoybeans (ZS=F) Deep Dive | Long: Crush Demand Anchors, Reversal Above Pivot | 2026-10-14 View 2026-10-13:Single-nameSoybeans (ZS=F) Deep Dive | Long: Crush Margins Support, 20D Channel Holds | 2026-10-13 View 2026-10-12:Single-nameSoybeans (ZS=F) Deep Dive | Bearish: Asia breaks 1274.75 pivot, crush margin the only support | 2026-10-12 View 2026-10-11:Single-nameSoybeans (ZS=F) Deep Dive | Long ZSX26: Crush-Driven Rebound, Pivot 1287 Holds | 2026-10-11 View 2026-10-10:Single-nameSoybeans (ZS=F) Deep Dive | Bullish Bias | 2026-10-10 View 2026-10-09:Single-nameLegacy coverageSoybeans (ZS=F) Deep Dive | Bullish on Margin Support & Oversold Bounce | 2026-10-09 View 2026-10-08:Single-nameLegacy coverageSoybeans (ZS=F) Deep Dive | Bullish Rebound on Margin Support | 2026-10-08 View 2026-10-07:Single-nameLegacy coverageSoybeans (ZS=F) Deep Dive | 2026-10-07 — Long Carry, 1303 Settle, 1273.3 Floor | 2026-10-07 View 2026-10-06:Single-nameLegacy coverageSoybeans (ZS=F) Deep Dive | 2026-10-06 — Fade the Carry, Own the Seasonal Window | 2026-10-06 View 2026-10-05:Single-nameLegacy coverageSoybeans (ZS=F) Deep Dive | 2026-10-05 — Bearish, 1273.3 Floor Under Pressure | 2026-10-05 View 2026-10-04:Single-nameLegacy coverageSoybeans (ZS=F) Deep Dive | 2026-10-04: Bearish, 1272.4 Pivot in Focus | 2026-10-04 View 2026-10-03:Single-nameLegacy coverageSoybeans (ZS=F) Deep Dive | 2026-10-03 — Bearish drift, 1273 pivot is the line | 2026-10-03 View 2026-10-02:Single-nameLegacy coverageSoybeans (ZS=F) Deep Dive | 2026-10-02 — Neutral: 1284 Sits Mid-Channel, No Edge | 2026-10-02 View 2026-10-01:Single-nameLegacy coverageSoybeans (ZS=F) Deep Dive | 2026-10-01 — Range-Bound, Fading Toward 20-Day Base | 2026-10-01 View 2026-09-27:Single-nameLegacy coverageSoybeans (ZS=F) Deep Dive | 2026-09-27 — Long Bias Into 1335.25 Channel Top | 2026-09-27 View

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