Soybeans–
Soybeans sold off hard to end the year and were lower again today. China has purchased 8 mmt thus far of the 12 mmt target set for February. Exports came in below the average estimate at 987k, for the week ending December 18. Top buyers on the export report were China, Turkey, and Spain. Soybeans closed below 1050 today. The next target lower is 1035, while the next resistance is 1050.
January Soybeans (ZSF26) settled at 1030 (-0.75), high of 1030, low of 1022. March ’26 Soybeans (ZSH26) settled at 1045 (-1), high of 1047, low of 1038. Cash price is at 1013 (-9)
March Bean Meal (ZMH26) settled at 291.0 (-3.5) high of 294.5, low of 290.8
March Bean Oil (ZLH26)) settled at 49.32 (+0.74) high of 49.33, low of 48.26
Meal to Oil ratio (54.80% Meal – 45.20% Oil)
ZSH26 Moving Averages – (1058) 5-day, (1079) 20-day, (1107) 50-day, (1085) 100-day, (1066) 200-day
ZSHX6 Moving Averages – (1071) 5-day, (1083) 20-day, (1099) 50-day, (1084) 100-day, (1064) 200-day
ZMH26 Moving Averages – (301.7) 5-day, (305.3) 20-day, (314.5) 50-day, (304.0) 100-day, (304.4) 200-day
ZLH26 Moving Averages – (49.16) 5-day, (49.97) 20-day, (50.81) 50-day, (51.49) 100-day, (50.94) 200-day
CORN –
March ’26 Corn settled at 437 (-2) (ZCH26) high of 440, low of 437. May ’26 Corn (ZCH26) settled at 445 (-2). Cash price is 442 (-0.25)
Corn has lost some of the positive momentum seen recently. Corn is now lower than the 440 support level from last week. March corn is holding the trendline support for now. The next target lower is 432-430. Export demand continues to be strong for US corn. Exports were 2.2 mmt as of December 18, which was above the range of estimates. Exports for corn are at 63.7% of the USDA forecast, compared to the 5-year average at 55.3%. Top buyers of US corn were Mexico, Spain, and Japan.
ZCH26 Moving Averages – (442) 5-day, (443) 20-day, (444) 50-day, (438) 100-day, (445) 200-day
ZCK26 Moving Averages – (450) 5-day, (451) 20-day, (452) 50-day, (447) 100-day, (454) 200-day
WHEAT –
March Chicago Wheat (ZWH26) settled at 511 (-0.50), with a high of 508, low of 501. May ‘26 Wheat (ZWK26) settled at 518 (-0.25). Chicago Wheat has a cash price of 501 (-3). March KC Wheat (KEZ25) settled at 515 (+0.25).
Wheat continues to trade lower, but it is still trading above the psychological resistance at 500. It’s somewhat impressive to see wheat still trading above 500 given the overall weakness in the grains recently. LSEG is forecasting colder weather again for mid-January in the plains. Argentina’s wheat forecast was raised to 27.8 mmt from 27.1 mmt before. Argentina’s harvest is estimated at 93% complete. Exports for wheat came in at 147k, which was inside the range of estimates. COT data shows funds short 91k contracts, after selling 24k contracts for the week ending December 23.
ZWH26 Moving Averages – (511) 5-day, (520) 20-day, (534) 50-day, (535) 100-day, (564) 200-day
ZWK26 Moving Averages – (522) 5-day, (529) 20-day, (544) 50-day, (546) 100-day, (574) 200-day
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hschmit@walshtrading.com
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