SOYBEANS–
It was a quieter day for soybeans today, but they were able to close positive. CONAB estimates will be released tomorrow. The average estimate is 179.5 mt, compared to the USDA at 180.0 mt. Brazil’s trading at a discount to the US and their harvest is currently ahead of schedule. It would not surprise me to see a move back to the previous trading range at 1080-1050.
March Soybeans (ZSH26) settled at 1124 (+1), high of 1128, low of 1113. May ’26 Soybeans (ZSK26) settled at 1139 (+2), high of 1143, low of 1128. Cash price is at 1096 (+12)
March Bean Meal (ZMH26) settled at 303.0 (+2.2) high of 304.5, low of 298.5
March Bean Oil (ZLH26)) settled at 57.05 (-0.22) high of 57.58, low of 56.76
Meal to Oil ratio (51.325% Meal – 48.675% Oil)
ZSH26 Moving Averages – (1117) 5-day, (1077) 20-day, (1078) 50-day, (1084) 100-day, (1071) 200-day
ZSHK6 Moving Averages – (1131) 5-day, (1089) 20-day, (1090) 50-day, (1096) 100-day, (1083) 200-day
ZMH26 Moving Averages – (301.7) 5-day, (295.8) 20-day, (301.5) 50-day, (303.6) 100-day, (302.6) 200-day
ZLH26 Moving Averages – (56.40) 5-day, (54.32) 20-day, (51.87) 50-day, (51.54) 100-day, (51.88) 200-day
CORN –
March ’26 Corn settled at 427 (-1) (ZCH26) high of 429, low of 425. May ’26 Corn (ZCH26) settled at 436 (-0.75). Cash price is 427 (unchanged)
The USDA raised exports from 3,200 in January to 3,300 mb, which brought ending stocks to 2,127 from 2,227 bb previously. World ending stocks were reduced from 290.91 to 288.98 mt, which was below the average trade guess. The average estimate for CONAB’s numbers tomorrow is 140.1 mt, from 138.9 mt previously. Corn is likely range bound from here.
ZCH26 Moving Averages – (430) 5-day, (427) 20-day, (436) 50-day, (438) 100-day, (440) 200-day
ZCK26 Moving Averages – (438) 5-day, (435) 20-day, (444) 50-day, (446) 100-day, (449) 200-day
WHEAT –
March Chicago Wheat (ZWH26) settled at 537 (+9), with a high of 540, low of 528. May ‘26 Wheat (ZWK26) settled at 545 (+7). Chicago Wheat has a cash price of 522 (-0.50). March KC Wheat (KEH5) settled at 538 (+8).
Wheat was up 3 ¼ cents in the overnight session and had a nice bounce today. Export volumes in Ukraine have been limited due to the war. Exports for this month stand at just 27k mt. On yesterday’s report, ending stocks for wheat were increased very slightly to 931 mb from 926 previously. The average trade guess for wheat ending stocks was 918 mb. World ending stocks were estimated at 277.51 mt from the USDA, compared to 278.25 last month. The world ending stocks number was slightly above the average trade estimate at 278.24 mt.
ZWH26 Moving Averages – (531) 5-day, (525) 20-day, (522) 50-day, (529) 100-day, (551) 200-day
ZWK26 Moving Averages – (541) 5-day, (535) 20-day, (532) 50-day, (540) 100-day, (562) 200-day
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Hans Schmit
Broker, Pure Hedge Division
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hschmit@walshtrading.com
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