SOYBEANS–
After the bounce yesterday, soybeans closed nearly unchanged. May was up 1 ¼ cents in the overnight session. The meeting between President Trump and Xi scheduled for May 14-15 should help support soybeans. For the week ending March 19, soybean export sales were 668k. However, the acreage report on Tuesday is expected to come out bearish. The new biofuel mandate will be announced tomorrow. Soybean oil continues to rally, trading higher nearly every day recently. It will be interesting to see if the new biofuel mandate sees some selling on the fact, since the market has already been buying the rumor of a bullish number.
May ’26 Soybeans (ZSK26) settled at 1171 (-0.75), high of 1179, low of 1167. November Soybeans (ZSX26) settled at 1151 (+1), high of 1157, low of 1145. Cash price is at 1137 (+16)
May Bean Meal (ZMK26) settled at 321.7 (+1.90) high of 323.2, low of 316.4
May Bean Oil (ZLK26) settled at 67.85 (+0.75) high of 68.34, low of 66.87
Meal to Oil ratio (48.65% Meal – 51.35% Oil)
ZSK26 Moving Averages – (1165) 5-day, (1179) 20-day, (1138) 50-day, (1126) 100-day, (1099) 200-day
ZSX26 Moving Averages – (1146) 5-day, (1143) 20-day, (1114) 50-day, (1105) 100-day, (1085) 200-day
ZMK26 Moving Averages – (323.8) 5-day, (318.4) 20-day, (310.1) 50-day, (314.0) 100-day, (307.4) 200-day
ZLK26 Moving Averages – (66.39) 5-day, (65.49) 20-day, (60.02) 50-day, (55.54) 100-day, (54.19) 200-day
CORN –
May ’26 Corn settled at 466 (-1) (ZCK26) high of 468, low of 462. December ’26 Corn (ZCZ26) settled at 493 (+0.50). Cash price is 468 (+7)
Corn was lower today, despite the rally in crude oil. For the week ending March 19, corn export sales were 1.2 mmt for the current marketing year. The estimate for quarterly stocks on Tuesday’s report is 9.036 bb, compared to last March at 8.147 bb. The drought monitor is showing 41% of US corn areas under drought. Arkansas and North Carolina are the driest states, with 100% of their corn areas under drought.
ZCK26 Moving Averages – (464) 5-day, (457) 20-day, (445) 50-day, (448) 100-day, (447) 200-day
ZCZ26 Moving Averages – (490) 5-day, (483) 20-day, (468) 50-day, (466) 100-day, (461) 200-day
WHEAT –
May Chicago Wheat (ZWK26) settled at 605 (+7), with a high of 607, low of 593. December ‘26 Wheat (ZWZ26) settled at 646 (+6). Chicago Wheat has a cash price of 597 (+7). May KC Wheat (KEK5) settled at 627 (+9).
Corn and beans were quiet today, but wheat was able to move higher with crude. For the week ending March 19, wheat export sales were 397k for the current market year. Top buyers of US wheat were the Philippines, Taiwan, and South Korea. The drought monitor shows 57% pf winter wheat areas under drought. The fertilizer supply disruption is expected to hit and EU and Ukraine yields the hardest. There’s also potential for lower quality wheat coming to market due to the expected reduction in fertilizer use. The inflation trade is still on in wheat. May has resistance at 616, while support is at 600 and the 50-DMA at 578.34.
ZWK26 Moving Averages – (595) 5-day, (594) 20-day, (564) 50-day, (553) 100-day, (560) 200-day
ZWZ26 Moving Averages – (637) 5-day, (634) 20-day, (605) 50-day, (593) 100-day, (599) 200-day
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hschmit@walshtrading.com
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