SOYBEANS–
Soybeans closed higher on the day after a 10 cent gain in the overnight session. Treasury Secretary Bessent spoke with China following the completion of the 12 mmt commitment and more purchases are expected. China is expected to buy 25 mmt of US beans through 2028. Crushing in South America is limited right now after selling most of their beans. Harvest is just getting started in Brazil.
March Soybeans (ZSH26) settled at 1064 (+11), high of 1069, low of 1053. May ’26 Soybeans (ZSK26) settled at 1075 (+11), high of 1079, low of 1059. Cash price is at 1021 (-4)
March Bean Meal (ZMH26) settled at 291.4 (-0.2) high of 295.5, low of 291.1
March Bean Oil (ZLH26)) settled at 54.01 (+1.45) high of 54.12, low of 52.37
Meal to Oil ratio (52.425% Meal – 47.575% Oil)
ZSH26 Moving Averages – (1054) 5-day, (1058) 20-day, (1095) 50-day, (1082) 100-day, (1067) 200-day
ZSHK6 Moving Averages – (1065) 5-day, (1070) 20-day, (1106) 50-day, (1094) 100-day, (1078) 200-day
ZMH26 Moving Averages – (290.8) 5-day, (298.4) 20-day, (310.2) 50-day, (303.2) 100-day, (303.4) 200-day
ZLH26 Moving Averages – (52.63) 5-day, (50.28) 20-day, (50.87) 50-day, (51.18) 100-day, (51.29) 200-day
CORN –
March ’26 Corn settled at 421 (-2) (ZCH26) high of 427, low of 421. May ’26 Corn (ZCH26) settled at 429 (-1). Cash price is 424 (-1)
Corn was up 2 ¾ cents in the overnight session but gave back the gains during today’s session. As mentioned previously, 425 will likely be strong resistance for March corn similar to 450 before last week’s WASDE report. Exports are still going strong, and US is the most competitive on the global market thanks to a weaker dollar.
ZCH26 Moving Averages – (422) 5-day, (436) 20-day, (441) 50-day, (440) 100-day, (443) 200-day
ZCK26 Moving Averages – (430) 5-day, (444) 20-day, (449) 50-day, (448) 100-day, (452) 200-day
WHEAT –
March Chicago Wheat (ZWH26) settled at 507 (-2), with a high of 516, low of 507. May ‘26 Wheat (ZWK26) settled at 519 (-2). Chicago Wheat has a cash price of 502 (-7). March KC Wheat (KEH5) settled at 519 (-3).
Wheat was up 4 cents in the overnight session but closed lower today. Wheat was higher in the overnight session due to some discussion of India being a buyer for the first time in years. Wheat exports are at 65% of the USDA forecast, compared to the 5-year average at 57.9%. Weather has shifted colder, and the plains are still dry but snow is expected to improve moisture levels. March wheat is trading below the 10-day, 20-day, and 50-day moving averages.
ZWH26 Moving Averages – (511) 5-day, (513) 20-day, (527) 50-day, (531) 100-day, (557) 200-day
ZWK26 Moving Averages – (523) 5-day, (524) 20-day, (537) 50-day, (542) 100-day, (568) 200-day
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hschmit@walshtrading.com
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