Soybeans–
Soybeans were 4 1/4 cents lower in the overnight and down again today. Recent weakness in soybeans is likely because of improving weather conditions in Brazil, in addition to China’s suspension of their reserve auctions. Fund activity is also likely slowing because of year-end reporting purposes. Argentina is dealing with dryness in the south, but the market does not view it as a concern yet. Soybeans have resistance at 1080, while 1060 is support for now.
January Soybeans (ZSF26) settled at 1049 (-9), high of 1063, low of 1049. March ’26 Soybeans (ZSH26) settled at 1063 (-9), high of 1077, low of 1063. Cash price is at 1029 (-5)
March Bean Meal (ZMH26) settled at 303.3 (-4.9) high of 308.7, low of 303.2
March Bean Oil (ZLH26)) settled at 49.29 (+0.07) high of 49.44, low of 49.02
Meal to Oil ratio (55.05% Meal – 44.95% Oil)
ZSH26 Moving Averages – (1068) 5-day, (1091) 20-day, (1108) 50-day, (1084) 100-day, (1066) 200-day
ZSHX6 Moving Averages – (1077) 5-day, (1091) 20-day, (1099) 50-day, (1083) 100-day, (1063) 200-day
ZMH26 Moving Averages – (305.0) 5-day, (308.0) 20-day, (314.1) 50-day, (303.9) 100-day, (304.7) 200-day
ZLH26 Moving Averages – (49.17) 5-day, (50.52) 20-day, (50.98) 50-day, (51.60) 100-day, (50.84) 200-day
CORN –
March ’26 Corn settled at 442 (-7) (ZCH26) high of 451, low of 442. May ’26 Corn (ZCH26) settled at 450 (-7). Cash price is 450 (-1)
Corn was 2 cents lower in the overnight session and continued lower with the other grains today. The war in Russia and Ukraine has had an impact on Black Sea grain recently. The latest estimate for Russia’s production is 1.8 mmt lower than the previous estimate. Ukraine’s exports have also been affected by Russian strikes. Exports from Ukraine are down 4.01 mmt from a year ago. Despite the move lower, corn should continue to have good support. Some of the selling in the grains recently may be due to funds going flat at the end of the year.
ZCH26 Moving Averages – (447) 5-day, (444) 20-day, (443) 50-day, (438) 100-day, (445) 200-day
ZCK26 Moving Averages – (455) 5-day, (452) 20-day, (451) 50-day, (447) 100-day, (454) 200-day
WHEAT –
March Chicago Wheat (ZWH26) settled at 513 (-6), with a high of 521, low of 512. May ‘26 Wheat (ZWK26) settled at 524 (-6). Chicago Wheat has a cash price of 510 (+5). March KC Wheat (KEZ25) settled at 512 (unchanged).
Wheat was lower on the day after trading 3 1/4 cents lower in the overnight session. The Kremlin claimed that Ukraine sent drones to attack Putin’s residence but that failed to support the wheat market today. There’s still a potential triple bottom pattern forming on the March wheat chart. Wheat has held 490/500 well since August. If wheat breaks 500, the next support is 492. If those levels fail then wheat could be headed much lower.
ZWH26 Moving Averages – (517) 5-day, (524) 20-day, (535) 50-day, (536) 100-day, (566) 200-day
ZWK26 Moving Averages – (528) 5-day, (535) 20-day, (545) 50-day, (547) 100-day, (576) 200-day
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