SOYBEANS–
May soybeans grinded higher all day today but were unable to take out yesterday’s high at 1170. May was down 4 ½ in the overnight session. Soybean oil is starting to lose momentum. If the oil share increases to 55%, it may be time get short soybean oil. The EPA RVO decision is expected at the end of the month, in addition to the grain stocks and plantings report.
May ’26 Soybeans (ZSK26) settled at 1163 (+6), high of 1165, low of 1148. November Soybeans (ZSX26) settled at 1143 (+10), high of 1145, low of 1128. Cash price is at 1123 (+2)
May Bean Meal (ZMK26) settled at 321.7 (+10.00) high of 322.3, low of 311
May Bean Oil (ZLK26)) settled at 65.97 (+2.03) high of 67.03, low of 64.73
Meal to Oil ratio (49.55% Meal – 50.45% Oil)
ZSK26 Moving Averages – (1185) 5-day, (1176) 20-day, (1126) 50-day, (1122) 100-day, (1096) 200-day
ZSX26 Moving Averages – (1144) 5-day, (1135) 20-day, (1105) 50-day, (1102) 100-day, (1082) 200-day
ZMK26 Moving Averages – (317.7) 5-day, (315.4) 20-day, (307.6) 50-day, (313.2) 100-day, (307.2) 200-day
ZLK26 Moving Averages – (66.06) 5-day, (63.73) 20-day, (57.12) 50-day, (54.65) 100-day, (53.64) 200-day
CORN –
May ’26 Corn settled at 463 ½ (+9) (ZCK26) high of 464, low of 451. December ’26 Corn (ZCZ26) settled at 490 1/2 (+8). Cash price is 449 (unchanged)
Corn had a nice move higher today. Acreage is estimated at 95.2 million acres by S&P Global, compared to 98.8 million acres previously. Estimates from the USDA will be released at the end of the month. Corn should benefit from farmers switching to soybeans because of the rally. Corn will also likely be more expensive to plant, making bean acres rise. China is rumored to have interest in US corn, if that materializes it would add to the bullish story.
ZCK26 Moving Averages – (460) 5-day, (450) 20-day, (442) 50-day, (447) 100-day, (447) 200-day
ZCZ26 Moving Averages – (486) 5-day, (475) 20-day, (464) 50-day, (464) 100-day, (461) 200-day
WHEAT –
May Chicago Wheat (ZWK26) settled at 605 ½ (+15), with a high of 607, low of 586. December ‘26 Wheat (ZWZ26) settled at 645 (+15). Chicago Wheat has a cash price of 589 (-7). May KC Wheat (KEK5) settled at 626 (+19).
Wheat has been very strong lately. May Chicago wheat had another big gain today but was outpaced by KC. Wheat has a history of rallying with crude oil, so further escalations in the Middle East should be supportive. Weather premium is also likely being added because of dryness in the plains. KC may lead Chicago wheat going forward if the plains stay dry.
ZWK26 Moving Averages – (600) 5-day, (587) 20-day, (556) 50-day, (550) 100-day, (560) 200-day
ZWZ26 Moving Averages – (641) 5-day, (625) 20-day, (597) 50-day, (590) 100-day, (600) 200-day
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Hans Schmit
Broker, Pure Hedge Division
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hschmit@walshtrading.com
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