SOYBEANS–
Soybeans started their descent in the overnight session, falling 33 cents in the May contract. Soybeans were limit down, -70 cents during today’s session. Soybeans sold-off because President Trump threatened to delay the Beijing summit if China chooses to assist in the Strait of Hormuz. It’s also being reported that China is interested in US crops other than soybeans. This news follows Brazil exporters going no bid in Brazil last week. Soybeans will likely continue to have plenty of volatility with the Prospective Plantings report at the end of the month.
May ’26 Soybeans (ZSK26) settled at 1155 (-70), high of 1214, low of 1155. November Soybeans (ZSX26) settled at 1120 (-40), high of 1159, low of 1118. Cash price is at 1193 (-1)
May Bean Meal (ZMK26) settled at 312.2 (-10.5) high of 319.8, low of 311.2
May Bean Oil (ZLK26)) settled at 63.94 (-3.50) high of 67.15, low of 63.94
Meal to Oil ratio (49.4% Meal – 50.6% Oil)
ZSK26 Moving Averages – (1204) 5-day, (1175) 20-day, (1123) 50-day, (1120) 100-day, (1095) 200-day
ZSX26 Moving Averages – (1153) 5-day, (1133) 20-day, (1102) 50-day, (1100) 100-day, (1081) 200-day
ZMK26 Moving Averages – (317.0) 5-day, (314.7) 20-day, (307.0) 50-day, (312.8) 100-day, (307.2) 200-day
ZLK26 Moving Averages – (66.32) 5-day, (63.00) 20-day, (57.50) 50-day, (54.37) 100-day, (53.47) 200-day
CORN –
May ’26 Corn settled at 454 (-13) (ZCK26) high of 466, low of 452. December ’26 Corn (ZCZ26) settled at 480 (-11). Cash price is 462 (+4)
Corn traded lower today along with the other grains. Corn was also down 5 ¼ cents in the overnight session. Friday’s COT showed funds long 193k contracts, after buying 140k contracts. The grains have seen some bigger fund buying following the rally in crude. Corn still has a chance to move higher in the near-term, with an acreage cut likely ahead and possible China buying.
ZCK26 Moving Averages – (459) 5-day, (448) 20-day, (442) 50-day, (447) 100-day, (447) 200-day
ZCZ26 Moving Averages – (486) 5-day, (473) 20-day, (463) 50-day, (463) 100-day, (460) 200-day
WHEAT –
May Chicago Wheat (ZWK26) settled at 597 (-16), with a high of 613, low of 594. December ‘26 Wheat (ZWZ26) settled at 638 (-15). Chicago Wheat has a cash price of 613 (+15). May KC Wheat (KEK5) settled at 616 (-13).
Wheat was 6 ¾ lower in the overnight session and lower again today. Winter wheat areas are still dry, even with rain over the weekend. For the week ending March 12, exports were 343k compared to 498k the week prior. Wheat production in Argentina is expected to be the smallest in 5 years. Safras estimates planted area could fall 16% from last year. May wheat has resistance at 625 and support at 590.
ZWK26 Moving Averages – (599) 5-day, (582) 20-day, (552) 50-day, (548) 100-day, (560) 200-day
ZWZ26 Moving Averages – (640) 5-day, (620) 20-day, (594) 50-day, (589) 100-day, (600) 200-day
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hschmit@walshtrading.com
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