SOYBEANS–
Soybeans were higher again today after trading 2 ½ cents higher in the overnight session. Soybeans are likely seeing some strength due to CONAB’s reduced production numbers in Brazil. They estimate Brazil production at 176.12 mmt from 177.2 mmt previously. CONAB’s Brazil production estimate was also below the trade estimate at 179.2 mmt. Argentina’s weather is less favorable than Brazil, so if Brazil’s production is lower Argentina’s should be as well. Southern Argentina is dealing with dryness. Today’s export report showed soybean exports for last week above the estimate at over 2 mmt. Flash sales were reported this morning, showing 204k mt to China and 110k mt to unknown.
March Soybeans (ZSH26) settled at 1053 (+10), high of 1058, low of 1041. May ’26 Soybeans (ZSK26) settled at 1064 (+9), high of 1070, low of 1054. Cash price is at 1009 (+3)
March Bean Meal (ZMH26) settled at 289.2 (-2.7) high of 294.5, low of 289.0
March Bean Oil (ZLH26)) settled at 52.97 (+1.99) high of 53.03, low of 50.37
Meal to Oil ratio (53.375% Meal – 46.625% Oil)
ZSH26 Moving Averages – (1049) 5-day, (1059) 20-day, (1099) 50-day, (1083) 100-day, (1067) 200-day
ZSHK6 Moving Averages – (1061) 5-day, (1070) 20-day, (1110) 50-day, (1095) 100-day, (1078) 200-day
ZMH26 Moving Averages – (294.9) 5-day, (300.6) 20-day, (312.2) 50-day, (303.5) 100-day, (303.7) 200-day
ZLH26 Moving Averages – (51.02) 5-day, (49.62) 20-day, (50.71) 50-day, (51.22) 100-day, (51.21) 200-day
CORN –
March ’26 Corn settled at 420 (-1) (ZCH26) high of 425, low of 420. May ’26 Corn (ZCH26) settled at 427 (-2). Cash price is 423 (+2)
Corn flipped green to red today after trading 2 ¾ cents higher in the overnight session. Brazil’s production is estimated at 138.87, which is below the estimate but close to unchanged from last month. Argentina’s corn production was estimated at 62 mmt from 53 mmt by the Rosario Grain Exchange. 420 is the current support for March corn, if that fails to hold the next support is 415. A move lower could be beneficial for exports.
ZCH26 Moving Averages – (425) 5-day, (439) 20-day, (442) 50-day, (440) 100-day, (444) 200-day
ZCK26 Moving Averages – (433) 5-day, (447) 20-day, (450) 50-day, (448) 100-day, (453) 200-day
WHEAT –
March Chicago Wheat (ZWH26) settled at 510 (-2), with a high of 517, low of 509. May ‘26 Wheat (ZWK26) settled at 521 (-2). Chicago Wheat has a cash price of 505 (+2). March KC Wheat (KEH5) settled at 517 (-5).
Wheat was up 3 ¾ in the overnight session and fell lower with corn again today. Wheat and corn seem to be moving together some recently. Expana lowered its estimate for EU SRW new crop production to 128.6 mmt from 137.2 mmt this year. Wheat continues to trade sideways, despite the 100k short position by managed money. I’ve said before the fact that wheat hasn’t taken out 500 recently could be viewed as bullish. I feel that still holds true.
ZWH26 Moving Averages – (512) 5-day, (512) 20-day, (530) 50-day, (532) 100-day, (559) 200-day
ZWK26 Moving Averages – (523) 5-day, (523) 20-day, (539) 50-day, (543) 100-day, (570) 200-day
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Hans Schmit
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hschmit@walshtrading.com
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