SOYBEANS–
Soybeans were up 19 ¼ cents in the overnight session but traded lower today. Soybean oil closed the day lower, after 10 days of higher closes. President Trump is expected to meet with China at the end of the month. Both countries are said to be aiming to set their differences in regard to Iran aside to focus on trade. The grains have been trading very strong in the overnight session recently, with all the war news. We’ll see if that pattern holds this week. There’s a WASDE report tomorrow morning. Analysts are expecting ending stocks to be lowered slightly. World ending stocks are estimated at 125 mmt, compared to 125.5 last month.
May ’26 Soybeans (ZSK26) settled at 1196 (-4), high of 1233, low of 1193. November Soybeans (ZSX26) settled at 1148 (+1), high of 1172, low of 1144. Cash price is at 1167 (+21)
May Bean Meal (ZMK26) settled at 313.5 (-3.7) high of 321.3, low of 312.6
May Bean Oil (ZLK26)) settled at 66.10 (-0.48) high of 69.91, low of 65.73
Meal to Oil ratio (48.675% Meal – 51.325% Oil)
ZSK26 Moving Averages – (1183) 5-day, (1159) 20-day, (1110) 50-day, (1113) 100-day, (1092) 200-day
ZSX26 Moving Averages – (1138) 5-day, (1122) 20-day, (1094) 50-day, (1096) 100-day, (1078) 200-day
ZMK26 Moving Averages – (312.9) 5-day, (312.6) 20-day, (306.1) 50-day, (311.6) 100-day, (307.2) 200-day
ZLK26 Moving Averages – (64.96) 5-day, (60.81) 20-day, (55.84) 50-day, (53.65) 100-day, (53.05) 200-day
CORN –
May ’26 Corn settled at 453 (-6) (ZCK26) high of 462, low of 452. December ’26 Corn (ZCZ26) settled at 481 (-2). Cash price is 456 (+7)
Corn was up 7 ½ cents in the overnight session but closed lower today. Argentina’s corn harvest is estimated at 7% complete. The WASDE report tomorrow is expected to show a slight increase in ending stocks. The Prospective Plantings Report at the end of the month should have more of an impact on the market. Corn has strong support from solid exports, and open interest has been increasing during the rally.
ZCK26 Moving Averages – (451) 5-day, (443) 20-day, (441) 50-day, (446) 100-day, (447) 200-day
ZCZ26 Moving Averages – (477) 5-day, (466) 20-day, (461) 50-day, (462) 100-day, (460) 200-day
WHEAT –
May Chicago Wheat (ZWK26) settled at 603 (-13), with a high of 641, low of 601. December ‘26 Wheat (ZWZ26) settled at 641 (-10). Chicago Wheat has a cash price of 616 (+35). May KC Wheat (KEK5) settled at 619 (-3).
Wheat was up 5 cents in the overnight session but reversed sharply during today’s session. Export inspections for the week ending March 5 were 496k for the current marketing year. Exports are at 78% of the USDA forecast, compared to the 5-year average at 71%. Top export destinations were China, Mexico, and Thailand. Wheat ending stocks are expected to decline on tomorrow’s report. The average estimate for wheat ending stocks is 923 mb, from 931 mb last month. World ending stocks are estimate close to unchanged at 277.3 versus 277.5 mmt last month.
ZWK26 Moving Averages – (589) 5-day, (568) 20-day, (545) 50-day, (545) 100-day, (560) 200-day
ZWZ26 Moving Averages – (627) 5-day, (606) 20-day, (587) 50-day, (585) 100-day, (600) 200-day
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hschmit@walshtrading.com
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