Soybeans–
Soybeans traded lower on the day after trading 1/2 cent lower in the overnight session. Argentina’s plant workers are scheduled to strike on Thursday but that has failed to support soybean meal. China is still behind on their 12 mmt purchase agreement, however they bought 3 cargoes yesterday. Soybeans have support from the 200-day moving average, while resistance is at 1080.
January Soybeans (ZSF26) settled at 1058 (-4), high of 1067, low of 1053. March ’26 Soybeans (ZSH26) settled at 1068 (-3), high of 1076, low of 1064. Cash price is at 1034 (-9)
January Bean Meal (ZMF26) settled at 302.0 (-4.1) high of 307.8, low of 301.8
January Bean Oil (ZLF26)) settled at 48.52 (+0.16) high of 49.63, low of 47.79
Meal to Oil ratio (55.15% Meal – 44.850% Oil)
ZSF26 Moving Averages – (1072) 5-day, (1106) 20-day, (1094) 50-day, (1069) 100-day, (1054) 200-day
ZSH26 Moving Averages – (1082) 5-day, (1116) 20-day, (1105) 50-day, (1082) 100-day, (1064) 200-day
ZMF26 Moving Averages – (301.7) 5-day, (310.5) 20-day, (307.2) 50-day, (297.7) 100-day, (301.2) 200-day
ZLF26 Moving Averages – (49.45) 5-day, (50.90) 20-day, (50.83) 50-day, (51.65) 100-day, (50.46) 200-day
CORN –
March ’26 Corn settled at 440 (+4) (ZCH26) high of 441, low of 436. May ’26 Corn (ZCH26) settled at 447 (+3). Cash price is 433 (-3)
Corn was higher on the day, after trading 1 1/4 cents higher yesterday. Brazil’s 1st crop corn is estimated at 78% planted. Brazil got rain over the weekend and soil conditions are largely favorable. Argentina is drier than Brazil but its not a problem yet. Argentina has chances for rain over the weekend. Corn has support at 432-434 and the next level is resistance is 450. Corn has failed to break 450 on several attempts. I would wait to see if corn can break 450 before going long.
ZCH26 Moving Averages – (440) 5-day, (442) 20-day, (441) 50-day, (437) 100-day, (446) 200-day
ZCK26 Moving Averages – (448) 5-day, (450) 20-day, (450) 50-day, (446) 100-day, (455) 200-day
WHEAT –
March Chicago Wheat (ZWH26) settled at 506 (-3), with a high of 511, low of 504. May ‘26 Wheat (ZWK26) settled at 517 (-2). Chicago Wheat has a cash price of 521 (-8). March KC Wheat (KEZ25) settled at 510 (-11).
Wheat was down 1/2 cent in the overnight session, after a big move lower yesterday. Canada is expected to have a bumper crop. LSEG raised its production estimate for 2026/27 to 39.9 mmt, which is a 9.3% increase. A bumper crop is also expected to in Argentina. If weather in the US stays warmer that could pose a threat to winter wheat. The wheat chart looks broken after the sell-off yesterday. 500 will have to hold otherwise wheat likely makes new lows. The previous low in March wheat is 492 1/4 from mid-October.
ZWH26 Moving Averages – (519) 5-day, (533) 20-day, (536) 50-day, (539) 100-day, (570) 200-day
ZWK26 Moving Averages – (528) 5-day, (541) 20-day, (545) 50-day, (550) 100-day, (580) 200-day
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