Soybeans–
Soybeans traded lower on the day after going unchanged in the overnight session. If soybeans drop just a little bit more to 1075 the gap in the chart will fill. Soybeans are trading close to support again. Funds were long 230k contracts in mid-November, so they are likely unwinding that large long position on this break. Brazil had rain over the weekend and more is expected this week, while Argentina is expecting rain this weekend. The recent rains should improve conditions in South America. Brazil planting is 97% complete. Soybean meal bounced off support today. Meanwhile, soybean oil closed below 49.50 in the January contract. March soybean oil has support at the 49.24, which is the low for the move. If soybean oil loses this level there will be a new 6-month low.
January Soybeans (ZSF26) settled at 1071 (-5), high of 1080, low of 1067. March ’26 Soybeans (ZSH26) settled at 1081 (-5), high of 1088, low of 1076. Cash price is at 1048 (-17)
January Bean Meal (ZMF26) settled at 303.5 (+1.0) high of 304.9, low of 301.4
January Bean Oil (ZLF26)) settled at 49.48 (-0.59) high of 50.22, low of 49.30
Meal to Oil ratio (55.100% Meal – 44.900% Oil)
ZSF26 Moving Averages – (1084) 5-day, (1116) 20-day, (1093) 50-day, (1068) 100-day, (1054) 200-day
ZSH26 Moving Averages – (1094) 5-day, (1125) 20-day, (1104) 50-day, (1081) 100-day, (1064) 200-day
ZMF26 Moving Averages – (302.1) 5-day, (313.5) 20-day, (306.5) 50-day, (297.4) 100-day, (301.3) 200-day
ZLF26 Moving Averages – (50.50) 5-day, (51.25) 20-day, (50.93) 50-day, (51.80) 100-day, (50.41) 200-day
CORN –
March ’26 Corn settled at 439 (-1) (ZCH26) high of 441, low of 436. May ’26 Corn (ZCH26) settled at 447 (-1). Cash price is 437 (-5)
Corn has been trading a tighter range in December. Corn was down 1/4 cent in the overnight session and continued lower today. In mid-November managed money was long 38k contracts. Funds are now likely closing some of their long positions as open interest rose 17k contracts on Friday. Corn seems to have good support but may continue to fade on lower volume heading into the new year. The dollar continues to fall which, along with a lower corn price, is beneficial for exports.
ZCH26 Moving Averages – (443) 5-day, (443) 20-day, (441) 50-day, (436) 100-day, (446) 200-day
ZCK26 Moving Averages – (451) 5-day, (451) 20-day, (450) 50-day, (446) 100-day, (455) 200-day
WHEAT –
March Chicago Wheat (ZWH26) settled at 520 (-8), with a high of 529, low of 519. May ‘26 Wheat (ZWK26) settled at 529 (-8). Chicago Wheat has a cash price of 530 (-4). March KC Wheat (KEZ25) settled at 512 (-6).
China bought wheat from Argentina for the first time in decades over the weekend. Argentina has the lowest export price in the world for its wheat, which signals China is focused on economic-based purchases rather than political favors at this time. Ukraine and Russia attacked each other’s grain infrastructure last week, but it was not enough to spark a rally. Wheat fundamentals are still very bearish and any bounces will likely be sold until fundamentals change.
ZWH26 Moving Averages – (529) 5-day, (538) 20-day, (536) 50-day, (541) 100-day, (571) 200-day
ZWK26 Moving Averages – (537) 5-day, (546) 20-day, (546) 50-day, (551) 100-day, (581) 200-day
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hschmit@walshtrading.com
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