SOYBEANS–
May was up 12 ½ cents in the overnight and up again today. The grain markets have had a very bullish reaction to the Iran conflict. Brazil exporters have gone no bid. Cargill has stopped exports, as China has requested that Brazil adjust their soybean inspection process. Brazil’s harvest is estimated at 50% complete, still behind the average pace. For the week ending March 5, export sales were 456k. Exports are now at 85% of the USDA forecast. Palm oil was up big yesterday, and soybean oil continues to rally.
May ’26 Soybeans (ZSK26) settled at 1225 (+11), high of 1238, low of 1216. November Soybeans (ZSX26) settled at 1165 (+1), high of 1174, low of 1163. Cash price is at 1181 (+12)
May Bean Meal (ZMK26) settled at 319.6 (+4.20) high of 321.7, low of 316
May Bean Oil (ZLK26)) settled at 67.22 (+0.06) high of 68.44, low of 67.17
Meal to Oil ratio (48.725% Meal – 51.275% Oil)
ZSK26 Moving Averages – (1208) 5-day, (1171) 20-day, (1118) 50-day, (1118) 100-day, (1094) 200-day
ZSX26 Moving Averages – (1155) 5-day, (1131) 20-day, (1099) 50-day, (1099) 100-day, (1080) 200-day
ZMK26 Moving Averages – (316.2) 5-day, (314.3) 20-day, (306.5) 50-day, (312.4) 100-day, (307.2) 200-day
ZLK26 Moving Averages – (66.58) 5-day, (62.20) 20-day, (56.85) 50-day, (54.10) 100-day, (53.31) 200-day
CORN –
May ’26 Corn settled at 462 (+2) (ZCK26) high of 469, low of 461. December ’26 Corn (ZCZ26) settled at 489 (-.50). Cash price is 456 (+8)
May was up 5 ¼ cents in the overnight and up slightly today. Corn exports came in at 1.5 mmt at 82% of the USDA forecast. Strength in crude continues to support corn, especially in the overnight session. As of yesterday, the May-July spread covered 56.5% of full-carry. The safrinha crop is nearing 80% planted, while EU production was lowered 0.4 mmt to 57.9 mmt.
ZCK26 Moving Averages – (457) 5-day, (446) 20-day, (441) 50-day, (446) 100-day, (447) 200-day
ZCZ26 Moving Averages – (485) 5-day, (471) 20-day, (462) 50-day, (463) 100-day, (460) 200-day
WHEAT –
May Chicago Wheat (ZWK26) settled at 597 (+3), with a high of 613, low of 596. December ‘26 Wheat (ZWZ26) settled at 637 (+1). Chicago Wheat has a cash price of 593 (+3). May KC Wheat (KEK5) settled at 612 (unchanged).
Wheat was up 7 in the overnight and higher again today. Wheat made a high at 613 this morning, but closed below the psychological level at 600. The extended forecast shows dryness returning to the plains. Wheat can likely continue to trade higher if the Iran conflict keeps escalating. Exports for the week ending March 5 came in above the range of estimates at 455k. The market was looking for 400k mt on the high end. The top export destinations were Mexico, China, and Japan.
ZWK26 Moving Averages – (600) 5-day, (577) 20-day, (549) 50-day, (547) 100-day, (560) 200-day
ZWZ26 Moving Averages – (640) 5-day, (614) 20-day, (591) 50-day, (587) 100-day, (600) 200-day
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hschmit@walshtrading.com
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