Soybeans–
Soybeans closed lower today after gaining 2 3/4 cents in the overnight session. Russia bombed a Ukrainian sunflower oil extraction plant on Saturday, which is apart of their strategy to weaken Ukraine economically. Russia is also aiming to get a higher price for its oil and grain through these types of attacks. More strikes like this could be supportive for soybean oil. US soybean exports are at 14.5 mmt as of December 18. Even with China back in the market, exports trail last year by 46%. The next support for March beans is 1055, while resistance is at 1064 and 1075.
January Soybeans (ZSF26) settled at 1051 (-1), high of 1057, low of 1049. March ’26 Soybeans (ZSH26) settled at 1063 (-1), high of 1069, low of 1062. Cash price is at 1025 (+4)
January Bean Meal (ZMF26) settled at 301.1 (+2.5) high of 303.6, low of 298.4
January Bean Oil (ZLF26)) settled at 48.30 (-0.25) high of 48.75, low of 48.11
Meal to Oil ratio (55.50% Meal – 44.50% Oil)
ZSF26 Moving Averages – (1052) 5-day, (1091) 20-day, (1096) 50-day, (1070) 100-day, (1055) 200-day
ZSH26 Moving Averages – (1063) 5-day, (1101) 20-day, (1106) 50-day, (1083) 100-day, (1065) 200-day
ZMF26 Moving Averages – (298.8) 5-day, (306.4) 20-day, (308.7) 50-day, (298.5) 100-day, (300.8) 200-day
ZLF26 Moving Averages – (48.28) 5-day, (50.37) 20-day, (50.60) 50-day, (51.36) 100-day, (50.56) 200-day
CORN –
March ’26 Corn settled at 447 (+0.50) (ZCH26) high of 449, low of 446. May ’26 Corn (ZCH26) settled at 455 (+1). Cash price is 448 (+3)
It was a quiet session for corn today after a 1 3/4 cent gain in overnight trading. The war in Ukraine has helped US exports, as they deal with an increased number of attacks on their grain infrastructure. As corn tries to make a move past 450, it may have help from wheat and soybeans. I like being long corn here, but there may be a cap on how high prices can rally if demand cannot be sustained at higher prices.
ZCH26 Moving Averages – (450) 5-day, (451) 20-day, (450) 50-day, (446) 100-day, (445) 200-day
ZCK26 Moving Averages – (450) 5-day, (451) 20-day, (450) 50-day, (446) 100-day, (455) 200-day
WHEAT –
March Chicago Wheat (ZWH26) settled at 517 (+1), with a high of 518, low of 513. May ‘26 Wheat (ZWK26) settled at 527 (+1). Chicago Wheat has a cash price of 510 (+5). March KC Wheat (KEZ25) settled at 528 (+6).
Wheat was up 2 cents on the day, after trading lower in the overnight session. The war in Russia and Ukraine has been supporting wheat, in addition to weather in the plains. Unusually warm conditions in the plains, for this time of year may raise the likelihood of crop stress. KC wheat is breaking out and that extend to Chicago wheat as well. The chart is forming a similar pattern to what was seen before the rally in mid-October.
ZWH26 Moving Averages – (511) 5-day, (527) 20-day, (535) 50-day, (537) 100-day, (567) 200-day
ZWK26 Moving Averages – (522) 5-day, (536) 20-day, (545) 50-day, (548) 100-day, (578) 200-day
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