Soybeans–
Soybeans traded 3 1/2 cents higher in the overnight session. After a rough week last week, soybeans started the week out higher. The entire soybean complex closed higher, with soybean meal closing above the 300 resistance. There was a flash sale this morning of 331k mt to China for the current marketing year and 65k mt for the next marketing year. Soybean exports for 2025/26 are at 536 mb for the first 16 weeks of the marketing year. Current exports are down nearly 60% y/oy. It’s not surprising to see soybeans come back a little bit today. If soybeans fail to rally from here, the next support is 1055.
January Soybeans (ZSF26) settled at 1053 (+4), high of 1056, low of 1048. March ’26 Soybeans (ZSH26) settled at 1065 (+5), high of 1066, low of 1059. Cash price is at 1021 (-3)
January Bean Meal (ZMF26) settled at 298.6 (+1.0) high of 300.6, low of 297.0
January Bean Oil (ZLF26)) settled at 48.55 (+0.65) high of 48.64, low of 47.87
Meal to Oil ratio (55.15% Meal – 44.85% Oil)
ZSF26 Moving Averages – (1055) 5-day, (1095) 20-day, (1095) 50-day, (1070) 100-day, (1054) 200-day
ZSH26 Moving Averages – (1065) 5-day, (1105) 20-day, (1106) 50-day, (1083) 100-day, (1065) 200-day
ZMF26 Moving Averages – (299.0) 5-day, (307.3) 20-day, (308.3) 50-day, (298.3) 100-day, (300.9) 200-day
ZLF26 Moving Averages – (48.29) 5-day, (50.48) 20-day, (50.65) 50-day, (51.42) 100-day, (50.54) 200-day
CORN –
March ’26 Corn settled at 447 (+3) (ZCH26) high of 447, low of 443 . May ’26 Corn (ZCH26) settled at 454 (+3). Cash price is 445 (+3)
Corn was up 2 cents in the overnight session and continued higher today. The break in soybeans and strength in corn now has the soybean:corn ratio favoring corn again, meaning more corn will likely be planted instead of beans it holds. Corn sales continue to be solid. Over the past four weeks, corn sales averaged 73.8 mb a week versus 51.5 mb over the same time period last year. As of early December corn exports are at 1.804 mb, which is 30% ahead of last year. In early October, corn sales were 55% of last year.
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 515 (+5), with a high of 518, low of 510. May ‘26 Wheat (ZWK26) settled at 526 (+5). Chicago Wheat has a cash price of 504 (-0.50). March KC Wheat (KEZ25) settled at 521 (+6).
Wheat was up 2 cents in the overnight session due to support from the war in Russia and Ukraine. Both countries traded attacks on ports and grain infrastructure. Wheat continued higher during today’s session. The escalating war has had some effect on Russian exports, as SovEcon has reduced their estimate for Russian wheat exports to 3.9 mmt from 4.8 mmt previously. Recently, any bounces have been sold. We’ll see if that pattern holds. At some point the bearishness in the wheat market has to be priced in. The longer wheat can hold above the 500 resistance or better, the more likely it is that wheat can see a short covering rally.
ZWH26 Moving Averages – (509) 5-day, (528) 20-day, (535) 50-day, (538) 100-day, (568) 200-day
ZWK26 Moving Averages – (520) 5-day, (537) 20-day, (545) 50-day, (548) 100-day, (579) 200-day
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