SOYBEANS–
Soybeans were higher on the day after a 4 ¼ cent gain in the overnight session. Export sales this morning were 298k for the current marketing year and 6k for next year. Exports are at 86% of the USDA estimate, compared to the 5-year average at 91%. Top buyers of US soybeans were China, Mexico, and an unknown country. Soybean meal has had two days in a row of large gains. It may be time to look at selling the July-December meal spread. I also like selling the July-November soybean spread.
May ’26 Soybeans (ZSK26) settled at 1168 (+6), high of 1173 1/2, low of 1157. November Soybeans (ZSX26) settled at 1153 (+6), high of 1153, low of 1138. Cash price is at 1128 (-53)
May Bean Meal (ZMK26) settled at 332.9 (+11.20) high of 355.5, low of 321.6
May Bean Oil (ZLK26)) settled at 65.23 (-.30) high of 66.27, low of 65.02
Meal to Oil ratio (50.425% Meal – 49.575% Oil)
ZSK26 Moving Averages – (1173) 5-day, (1177) 20-day, (1128) 50-day, (1123) 100-day, (1096) 200-day
ZSX26 Moving Averages – (1140) 5-day, (1137) 20-day, (1106) 50-day, (1102) 100-day, (1082) 200-day
ZMK26 Moving Averages – (320.2) 5-day, (316.6) 20-day, (308.1) 50-day, (313.5) 100-day, (307.3) 200-day
ZLK26 Moving Averages – (65.62) 5-day, (63.99) 20-day, (58.43) 50-day, (54.79) 100-day, (53.73) 200-day
CORN –
May ’26 Corn settled at 470 (+6) (ZCK26) high of 470, low of 463. December ’26 Corn (ZCZ26) settled at 494 (+4). Cash price is 458 (+3)
Corn is looking very strong after another nice gain today. Money managers and traders may be looking at the corn and wheat markets as an inflation trade and hedge against uncertain equity markets. The grains have seen some bigger money flows and that may continue if the Middle East conflict continues to intensify. Today’s export report showed sales of 1.1 mmt for the current marketing year and 12k for next year. Corn exports are at 83% of the USDA forecast, compared to the 5-year average at 78%.
ZCK26 Moving Averages – (461) 5-day, (452) 20-day, (443) 50-day, (447) 100-day, (447) 200-day
ZCZ26 Moving Averages – (487) 5-day, (477) 20-day, (464) 50-day, (464) 100-day, (461) 200-day
WHEAT –
May Chicago Wheat (ZWK26) settled at 610 (+6), with a high of 616, low of 600. December ‘26 Wheat (ZWZ26) settled at 652 (+7). Chicago Wheat has a cash price of 589 (-7). May KC Wheat (KEK5) settled at 604 (+14).
Wheat had another higher close today after gaining 9 ½ cents in the overnight session. The wheat chart looks very strong with stacked moving average. Wheat may be getting ready to make another leg higher. The plains are still very dry and that’s causing wildfires. Drought should continue to support the wheat markets, in addition to the inflation trade.
ZWK26 Moving Averages – (602) 5-day, (589) 20-day, (557) 50-day, (550) 100-day, (560) 200-day
ZWZ26 Moving Averages – (643) 5-day, (628) 20-day, (598) 50-day, (591) 100-day, (600) 200-day
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Hans Schmit
Broker, Pure Hedge Division
312-765-7311
hschmit@walshtrading.com
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