SOYBEANS–
Soybeans finished the day higher after trading 5 ¼ cents higher in the overnight session. For the week ending April 2, export inspections were 779k mt, an 84k mt increase from the week prior. Brazil’s harvest is estimated at 79% complete, compared to the 5-year average pace of 83%. May beans have a gap in the chart from 1193 to 1207.
May ’26 Soybeans (ZSK26) settled at 1164.75 (+1.25), high of 1169.50, low of 1162.75. November Soybeans (ZSX26) settled at 1156 (+2.00), high of 1158.75, low of 1152.50. Cash price is at 1131 (-5)
May Bean Meal (ZMK26) settled at 316.6 (+1.40) high of 319, low of 315.2
May Bean Oil (ZLK26) settled at 69.86 (+0.92) high of 70, low of 68.79
Meal to Oil ratio (47.775% Meal – 52.225% Oil)
ZSK26 Moving Averages – (1165) 5-day, (1176) 20-day, (1150) 50-day, (1127) 100-day, (1101) 200-day
ZSX26 Moving Averages – (1153) 5-day, (1149) 20-day, (1124) 50-day, (1108) 100-day, (1087) 200-day
ZMK26 Moving Averages – (316.3) 5-day, (319.0) 20-day, (312.5) 50-day, (313.3) 100-day, (307.5) 200-day
ZLK26 Moving Averages – (68.67) 5-day, (66.86) 20-day, (61.83) 50-day, (56.60) 100-day, (54.70) 200-day
CORN –
May ’26 Corn settled at 453.75 (+1.50) (ZCK26) high of 454.5, low of 450.5. December ’26 Corn (ZCZ26) settled at 482.75 (+1.50). Cash price is 459 (-2)
Corn was able to finish the day higher to start the week. Corn was supported by the gap up in crude to more than 110/barrel. For the week ending April 2, export inspections were 2 mmt, an 120k mt increase from the week prior. The southeast has been dry so far for early season planting. The extended forecast shows limited rain chances. The acreage report had corn acres 1% above the pre-report trade estimate. Many of the USDA’s survey responses were received in early March and may not factor in the full impact of the increase in fertilizer costs.
ZCK26 Moving Averages – (454) 5-day, (459) 20-day, (448) 50-day, (448) 100-day, (447) 200-day
ZCZ26 Moving Averages – (482) 5-day, (486) 20-day, (472) 50-day, (467) 100-day, (462) 200-day
WHEAT –
May Chicago Wheat (ZWK26) settled at 597.75 (-2.50), with a high of 597.75, low of 588.75. December ‘26 Wheat (ZWZ26) settled at 638 (-1). Chicago Wheat has a cash price of 598 (+0.75). May KC Wheat (KEK5) settled at 608.50 (-7.25)
Wheat was unable to find any support from crude today, trading lower on the day. For the week ending April 2, export inspections were 334k mt, a 52k mt decrease from the week prior. Wheat should have good support from lower plantings around the world, in addition to possible war time grain stockpiling. Friday’s COT showed funds are very bullish wheat. Funds flipped to a 10k net long position in wheat for the first time in 4 years. Managed money also has a 21k net long position in Minneapolis and KC wheat.
ZWK26 Moving Averages – (602) 5-day, (599) 20-day, (574) 50-day, (555) 100-day, (560) 200-day
ZWZ26 Moving Averages – (643) 5-day, (641) 20-day, (614) 50-day, (596) 100-day, (600) 200-day
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Hans Schmit
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hschmit@walshtrading.com
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