SOYBEANS–
Soybeans were up 4 cents in the overnight session and were higher again today. Soybean oil keeps ripping higher. CONAB estimates Brazil’s harvest is 42% complete versus the 5-year average at 38%. Export sales came with the estimated range this morning. Exports were 383k for the current marketing year. Exports are at 84.1% of the USDA forecast compared to the 5-year average at 88.8%.
May ’26 Soybeans (ZSK26) settled at 1179 (+9), high of 1181, low of 1166. November Soybeans (ZSX26) settled at 1136 (+6), high of 1139, low of 1128. Cash price is at 1135 (+7)
May Bean Meal (ZMK26) settled at 309.3 (-0.6) high of 310.6, low of 307.5
May Bean Oil (ZLK26)) settled at 65.70 (+2.11) high of 66.12, low of 63.51
Meal to Oil ratio (50.05% Meal – 49.95% Oil)
ZSK26 Moving Averages – (1170) 5-day, (1152) 20-day, (1105) 50-day, (1110) 100-day, (1090) 200-day
ZSX26 Moving Averages – (1131) 5-day, (1117) 20-day, (1091) 50-day, (1094) 100-day, (1077) 200-day
ZMK26 Moving Averages – (313.5) 5-day, (311.8) 20-day, (305.7) 50-day, (311.1) 100-day, (307.2) 200-day
ZLK26 Moving Averages – (63.34) 5-day, (59.78) 20-day, (55.16) 50-day, (53.34) 100-day, (52.89) 200-day
CORN –
May ’26 Corn settled at 453 (+9) (ZCK26) high of 454, low of 442. December ’26 Corn (ZCZ26) settled at 478 (+7). Cash price is 442 (+1)
Corn was up 2 ¼ cents in the overnight session and was higher today with the other grains. The grains are clearly seeing some bigger buying given the recent strength. CONAB estimates Brazil’s first crop corn at 25% complete, while second crop planting is 65% complete. The March WASDE is expected to be a quiet report.
ZCK26 Moving Averages – (447) 5-day, (441) 20-day, (441) 50-day, (445) 100-day, (447) 200-day
ZCZ26 Moving Averages – (471) 5-day, (464) 20-day, (460) 50-day, (461) 100-day, (460) 200-day
WHEAT –
May Chicago Wheat (ZWK26) settled at 583 (+15), with a high of 586, low of 568. December ‘26 Wheat (ZWZ26) settled at 621 (+14). Chicago Wheat has a cash price of 571 (-3). May KC Wheat (KEK5) settled at 553 (+3).
Wheat had a big rally today after trading lower yesterday. Wheat was up 5 in the overnight session. Wheat has been trading some wider ranges lately as its stopped consolidating. Wheat export sales were inside the range of estimates at 203k for the current marketing year. SovEcon estimates Ukraine production at 24.6 mmt, unchanged from the previous estimate.
ZWK26 Moving Averages – (579) 5-day, (564) 20-day, (549) 50-day, (544) 100-day, (558) 200-day
ZWZ26 Moving Averages – (628) 5-day, (613) 20-day, (597) 50-day, (591) 100-day, (602) 200-day