Soybeans–
Soybeans were 1 3/4 cents lower in the overnight session and continued lower during today’s session. Soybeans had a disappointing end to the week, closing below 1050. Soybeans traded lower every day this week. China’s Sino Grain reserve auction had little interest, with only 33% of the total 550k sold. In South America, Brazil had solid rains this week, while Argentina still needs rain especially in the south. Argentina planting pace is lagging behind last year, currently 67% complete versus 70% a year ago. Soybean oil continues to trade lower. Beal meal was also lower and trading below the 300 level. The next support for soybeans on my chart is 1032. The next resistance is 1062.
January Soybeans (ZSF26) settled at 1049 (-3), high of 1054, low of 1047. March ’26 Soybeans (ZSH26) settled at 1059 (-2), high of 1064, low of 1057. Cash price is at 1024 (-6)
January Bean Meal (ZMF26) settled at 297.6 (-0.8) high of 300.2, low of 297.3
January Bean Oil (ZLF26)) settled at 47.90 (-0.21) high of 48.26, low of 47.51
Meal to Oil ratio (55.4% Meal – 44.600% Oil)
ZSF26 Moving Averages – (1058) 5-day, (1098) 20-day, (1095) 50-day, (1069) 100-day, (1054) 200-day
ZSH26 Moving Averages – (1068) 5-day, (1108) 20-day, (1105) 50-day, (1082) 100-day, (1065) 200-day
ZMF26 Moving Averages – (300.0) 5-day, (308.3) 20-day, (307.9) 50-day, (298.1) 100-day, (301.0) 200-day
ZLF26 Moving Averages – (48.47) 5-day, (50.58) 20-day, (50.69) 50-day, (51.48) 100-day, (50.51) 200-day
CORN –
March ’26 Corn settled at 443 (+0.75) (ZCH26) high of 444, low of 442 . May ’26 Corn (ZCH26) settled at 451 (-0.75). Cash price is 441 (+4)
Corn was slightly lower today, after a 1 cent drop in the overnight session. The USDA ERS released long term baseline projections out to 2025. Yield for 2026 is estimated at 182 bpa but increasing from there. Corn acreage for 2026 is estimated at 95 ma and is expected to drop over the next 10 years. Argentina’s corn is estimated at 70% planted, compared to 38% this time last year. It will be interesting to see if corn can break the 450 next week, after failing on several attempts. Corn exports have been supporting the market, with sales above the USDA forecast.
ZCH26 Moving Averages – (441) 5-day, (443) 20-day, (442) 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 507 (+1), with a high of 510, low of 505. May ‘26 Wheat (ZWK26) settled at 518 (+1). Chicago Wheat has a cash price of 505 (+1). March KC Wheat (KEZ25) settled at 515 (-1).
Wheat was slightly higher on the day today. Wheat was supported by weather this week. US winter wheat under drought was up 2 points, now 36% under drought. At this time last year, wheat areas under drought were 27%. HRW wheat areas in the plains have also been dry and are dealing with unusual warmer weather for this time of year. SovEcon estimates Russian 2025 production at 88.8 mmt from 88.6 mmt previously. Russia’s 2026 production is estimated at 83.8 mmt, at no change. Argentina’s production was raised to 27.1 mmt, up 1.6 mmt. US exports are ahead of the USDA forecast, even with China’s cancelled wheat purchase.
ZWH26 Moving Averages – (510) 5-day, (529) 20-day, (535) 50-day, (538) 100-day, (568) 200-day
ZWK26 Moving Averages – (521) 5-day, (538) 20-day, (545) 50-day, (549) 100-day, (579) 200-day
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