Soybeans–
Soybeans came back today rallying more than 15 cents, after breaking hard since mid-November. Soybeans are now above the previous resistance at 1050 and 1060. Soybeans may struggle to rally further from here because of favorable weather in Brazil. The next resistance is 1080 for March soybeans. China still has a long way to go on reaching the 12 mmt target by February. It’s estimated that China has bought about 8 mmt of US beans so far. Soybean oil was up big today and is almost above 50 cents again. Exports were 980k mt, for the week ending January 1. Last week’s exports were up 207k from the week prior.
March Soybeans (ZSH26) settled at 1062 (+16), high of 1063, low of 1045. May ’26 Soybeans (ZSK26) settled at 1074 (+15), high of 1075, low of 1058. Cash price is at 1012 (-1)
March Bean Meal (ZMH26) settled at 299.9 (+3.9) high of 300.6, low of 295.8
March Bean Oil (ZLH26)) settled at 49.87 (+0.57) high of 50.02, low of 49.04
Meal to Oil ratio (54.60% Meal – 45.40% Oil)
ZSH26 Moving Averages – (1056) 5-day, (1075) 20-day, (1107) 50-day, (1085) 100-day, (1066) 200-day
ZSHK6 Moving Averages – (1068) 5-day, (1086) 20-day, (1118) 50-day, (1097) 100-day, (1077) 200-day
ZMH26 Moving Averages – (300.2) 5-day, (304.5) 20-day, (314.6) 50-day, (304.0) 100-day, (304.3) 200-day
ZLH26 Moving Averages – (49.29) 5-day, (49.85) 20-day, (50.79) 50-day, (51.45) 100-day, (50.97) 200-day
CORN –
March ’26 Corn settled at 444 (+7) (ZCH26) high of 445, low of 436. May ’26 Corn (ZCH26) settled at 452 (+6). Cash price is 442 (-0.50)
Corn closed higher today, after losing some momentum during the holiday trade. Resistance for March corn is still 450. Corn has struggled to make a decisive move through 450, but it seems more likely than not with the way the chart is setting up. Seasonal charts show strength for January and February in the 20-year index but weakness in the 5 and 10-year index. Crude oil was up a buck today, which supported corn. Exports were 1.206 mmt for the week ending January 1, which is nearly 150k mt below last week.
ZCH26 Moving Averages – (441) 5-day, (443) 20-day, (444) 50-day, (439) 100-day, (445) 200-day
ZCK26 Moving Averages – (449) 5-day, (451) 20-day, (452) 50-day, (448) 100-day, (454) 200-day
WHEAT –
March Chicago Wheat (ZWH26) settled at 512 (+6), with a high of 514, low of 505. May ‘26 Wheat (ZWK26) settled at 523 (+5). Chicago Wheat has a cash price of 502 (+1). March KC Wheat (KEZ25) settled at 520 (+5).
Wheat was higher with the other grains today. I mentioned the relative strength in wheat last week, staying above 500, despite the overall weakness in the grains which may have been a clue ahead of the rally today. Wheat exports were 183k mt, which was 135 mt below last week. The plains have been unusually hot for this time of year. Winter wheat areas are missing protective snow cover. Chicago wheat has resistance at 520 then 527.
ZWH26 Moving Averages – (510) 5-day, (518) 20-day, (534) 50-day, (535) 100-day, (563) 200-day
ZWK26 Moving Averages – (521) 5-day, (528) 20-day, (544) 50-day, (545) 100-day, (574) 200-day
If you’re ready to start trading, click the link below to open an account with Walsh Trading, Inc.
Hans Schmit
Broker, Pure Hedge Division
312-765-7311
hschmit@walshtrading.com
Walsh Trading, Inc. is registered as a Guaranteed Introducing Broker with the Commodity Futures Trading Commission and an NFA Member.
Futures and options trading involves substantial risk and is not suitable for all investors. Therefore, individuals should carefully consider their financial condition in deciding whether to trade. Option traders should be aware that the exercise of a long option will result in a futures position. The valuation of futures and options may fluctuate, and as a result, clients may lose more than their original investment. The information contained on this site is the opinion of the writer or was obtained from sources cited within the commentary. The impact on market prices due to seasonal or market cycles and current news events may already be reflected in market prices. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. All information, communications, publications, and reports, including this specific material, used and distributed by Walsh Trading, Inc. (“WTI”) shall be construed as a solicitation for entering into a derivatives transaction. WTI does not distribute research reports, employ research analysts, or maintain a research department as defined in CFTC Regulation 1.71.