SOYBEANS–
Soybeans were 5 cents lower in the overnight session and were lower again today. May beans made a low at 1153 but reversed higher as the day went on. The potential for a ceasefire between the US and Iran sent crude lower today and dragged beans down with it. Acreage was estimated yesterday below the average trade guess at 84.70 ma.
May ’26 Soybeans (ZSK26) settled at 1167.25 (-3.75), high of 1174.75, low of 1153. November Soybeans (ZSX26) settled at 1154 (-3.50), high of 1160.5, low of 1145.75. Cash price is at 1138 (+13)
May Bean Meal (ZMK26) settled at 317.9 (+1.50) high of 319, low of 312.5
May Bean Oil (ZLK26) settled at 67.01 (-1.87) high of 69.1, low of 66.97
Meal to Oil ratio (48.675% Meal – 51.325% Oil)
ZSK26 Moving Averages – (1166) 5-day, (1178) 20-day, (1146) 50-day, (1126) 100-day, (1101) 200-day
ZSX26 Moving Averages – (1150) 5-day, (1147) 20-day, (1121) 50-day, (1107) 100-day, (1087) 200-day
ZMK26 Moving Averages – (317.3) 5-day, (318.7) 20-day, (311.7) 50-day, (313.4) 100-day, (307.5) 200-day
ZLK26 Moving Averages – (67.96) 5-day, (66.53) 20-day, (61.23) 50-day, (56.23) 100-day, (54.55) 200-day
CORN –
May ’26 Corn settled at 453 (-4.75) (ZCK26) high of 460, low of 448.25. December ’26 Corn (ZCZ26) settled at 480.25 (-4). Cash price is 465 (+2)
May corn was lower today after a 5 drop in the overnight session. Corn was also pressured by lower crude oil prices. December corn is holding the 50 DMA so far, if that fails the next support is 472. After making a high at 498 ½ early last month, the new crop corn chart is losing momentum. Acreage came in yesterday above the average pre-report estimate at 95.338 ma, versus the average estimate at 94.5 ma. On farm stocks were 5.432 bb, compared to 4.5 bb last March.
ZCK26 Moving Averages – (459) 5-day, (460) 20-day, (447) 50-day, (448) 100-day, (447) 200-day
ZCZ26 Moving Averages – (486) 5-day, (486) 20-day, (471) 50-day, (466) 100-day, (462) 200-day
WHEAT –
May Chicago Wheat (ZWK26) settled at 597.50 (-18.75), with a high of 622.75, low of 593. December ‘26 Wheat (ZWZ26) settled at 638.25 (-16.25). Chicago Wheat has a cash price of 616 (+9). May KC Wheat (KEK5) settled at 612.75 (-22.75) .
May wheat started to break in the overnight session last night and continued falling today. Wheat is being pressured by ceasefire talks, in addition to wet weather returning to the Plains. KC wheat led Chicago lower today. Wheat acreage came out bullish yesterday at 43.775 ma. The average pre-report estimate was 44.7 ma. The wheat stocks number was also below the estimate at 1.3 bb. However, current stocks are above last March at 1.237 bb.
ZWK26 Moving Averages – (606) 5-day, (600) 20-day, (571) 50-day, (554) 100-day, (560) 200-day
ZWZ26 Moving Averages – (646) 5-day, (640) 20-day, (611) 50-day, (595) 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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