Soybeans–
Soybeans were up 9 cents in the overnight session and continued to rally during today’s session. Brazil’s weather outlook has improved over the past month, but southern Argentina is still dealing with dryness. The market may be adding in some weather premium. There was a flash sale of 336k mt of beans to China yesterday. Today, China bought another 8-10 cargoes of beans, which is estimated at 6-800k mt. It seems very likely now that China will come through on the commitment to buy 12 mmt by February. It remains to be seen what the market will do if/when the export target is hit. Brazil’s exports for December were up nearly 70% from a year ago.
March Soybeans (ZSH26) settled at 1078 (+10), high of 1070, low of 1056. May ’26 Soybeans (ZSK26) settled at 1078 (+10), high of 1081, low of 1067. Cash price is at 1021 (-6)
March Bean Meal (ZMH26) settled at 305.4 (+5.9) high of 306.0, low of 298.8
March Bean Oil (ZLH26)) settled at 49.31 (-0.09) high of 50.01, low of 49.24
Meal to Oil ratio (55.325% Meal – 44.675% Oil)
ZSH26 Moving Averages – (1055) 5-day, (1070) 20-day, (1107) 50-day, (1085) 100-day, (1066) 200-day
ZSHK6 Moving Averages – (1068) 5-day, (1082) 20-day, (1117) 50-day, (1096) 100-day, (1077) 200-day
ZMH26 Moving Averages – (300.0) 5-day, (303.6) 20-day, (314.7) 50-day, (303.9) 100-day, (304.2) 200-day
ZLH26 Moving Averages – (49.29) 5-day, (49.59) 20-day, (50.71) 50-day, (51.38) 100-day, (51.03) 200-day
CORN –
March ’26 Corn settled at 446 (+2) (ZCH26) high of 447, low of 443. May ’26 Corn (ZCH26) settled at 454 (+2. Cash price is 445 (+0.50)
Corn was slightly higher on the day with the other grains today. March corn was up 1 3/4 cents in the overnight session. One private analyst raised his forecast for Argentina’s corn production by 2 mmt, despite the dryness. Brazil weather has been favorable. Brazil’s exports were up 43% from last December. Corn has struggled to move past the resistance at 450, but if the strength in the other grains continues it seems possible corn could be headed to new contracts highs.
ZCH26 Moving Averages – (442) 5-day, (443) 20-day, (444) 50-day, (439) 100-day, (445) 200-day
ZCK26 Moving Averages – (450) 5-day, (451) 20-day, (452) 50-day, (448) 100-day, (454) 200-day
WHEAT –
March Chicago Wheat (ZWH26) settled at 518 (+7), with a high of 520, low of 509. May ‘26 Wheat (ZWK26) settled at 528 (+6). Chicago Wheat has a cash price of 506 (-2). March KC Wheat (KEH5) settled at 531 (+10).
Wheat was higher overnight and continued to rally today. Wheat is likely seeing some short covering due to declines in crop conditions in the plains. More weather premium could be possible if the colder forecast in Russia and Ukraine materializes. Funds hold a sizable net short position, so there is a chance to see some short covering going forward. KC wheat led Chicago wheat on the move higher today. Wheat has resistance at 524 and at the 200-day moving average at 531, while support is at 514-515.
ZWH26 Moving Averages – (510) 5-day, (516) 20-day, (534) 50-day, (534) 100-day, (562) 200-day
ZWK26 Moving Averages – (521) 5-day, (526) 20-day, (543) 50-day, (545) 100-day, (573) 200-day
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