SOYBEANS–
May beans were up 3 ½ cents in the overnight session but closed today’s session lower. After selling off with crude yesterday, soybeans failed to rally with crude today. There is likely some risk being taken off ahead of Good Friday. Crush is continuing at a strong pace, with a new crush record for February at 214 mb. Crush margins are also very strong. Today’s export sales showed beans exports for the current marketing year at 353k mt. Soybean meal exports were 377k mt.
May ’26 Soybeans (ZSK26) settled at 1162.75 (-5.75), high of 1174.25, low of 1162. November Soybeans (ZSX26) settled at 1153.75 (-1.75), high of 1161.75, low of 1150.75. Cash price is at 1136 (-2)
May Bean Meal (ZMK26) settled at 315.2 (-3.00) high of 318.8, low of 313.9
May Bean Oil (ZLK26) settled at 69.0 (+1.89) high of 69.17, low of 66.74
Meal to Oil ratio (47.775% Meal – 52.225% Oil)
ZSK26 Moving Averages – (1164) 5-day, (1177) 20-day, (1148) 50-day, (1127) 100-day, (1101) 200-day
ZSX26 Moving Averages – (1151) 5-day, (1148) 20-day, (1122) 50-day, (1107) 100-day, (1087) 200-day
ZMK26 Moving Averages – (316.0) 5-day, (319.0) 20-day, (312.2) 50-day, (313.4) 100-day, (307.5) 200-day
ZLK26 Moving Averages – (68.16) 5-day, (66.70) 20-day, (61.52) 50-day, (56.41) 100-day, (54.62) 200-day
CORN –
May ’26 Corn settled at 452 (-2.25) (ZCK26) high of 460.5, low of 451.25. December ’26 Corn (ZCZ26) settled at 481 (-.25). Cash price is 461 (-3)
Corn was up 3 ¼ cents in the overnight session but finished today’s session lower. Similar to soybeans, corn was unable to finish the day higher with crude oil. The USDA drought monitor shows 44% of corn areas are under drought. Today’s export report showed sales of 1.1 mmt for the current marketing year.
ZCK26 Moving Averages – (456) 5-day, (460) 20-day, (447) 50-day, (448) 100-day, (447) 200-day
ZCZ26 Moving Averages – (484) 5-day, (486) 20-day, (471) 50-day, (467) 100-day, (462) 200-day
WHEAT –
May Chicago Wheat (ZWK26) settled at 597.75 (+25), with a high of 609.25, low of 594. December ‘26 Wheat (ZWZ26) settled at 638.75 (+.25). Chicago Wheat has a cash price of 597 (-18). May KC Wheat (KEK5) settled at 614.25 (+.50) .
Wheat was up 10 ¼ cents in the overnight session and finished the day slightly positive in the front month contract. Wheat should be supported next week by the ongoing war in Iran. President Trump’s speech last night emphasized the success of the US military, but he warned that the war could take 2-3 more weeks. The fertilizer disruption is a long-term bullish story for wheat, as global production may be disrupted. In addition to the war, drought should help support the market. 80% of the High Plains is experiencing dry conditions, while 65% of US winter wheat areas are under drought.
ZWK26 Moving Averages – (604) 5-day, (600) 20-day, (572) 50-day, (554) 100-day, (560) 200-day
ZWZ26 Moving Averages – (645) 5-day, (641) 20-day, (613) 50-day, (595) 100-day, (600) 200-day
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Hans Schmit
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hschmit@walshtrading.com
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