SOYBEANS–
Soybeans finished the day lower, with May leading November lower. Crude oil reversed lower which dragged soybeans down with it. The soybean chart looks to be forming a bear flag pattern. Ultimately, Iran’s response to President Trump’s deadline to open the Strait of Hormuz by 7 p.m. tonight may be the deciding factor in whether soybeans move higher or lower from here.
May ’26 Soybeans (ZSK26) settled at 1158 (-8.75), high of 1170.50, low of 1155.25. November Soybeans (ZSX26) settled at 1150 (-7), high of 1159.75, low of 1146.50. Cash price is at 1135 (+4)
May Bean Meal (ZMK26) settled at 311.9 (-4.70) high of 317.4, low of 311.4
May Bean Oil (ZLK26) settled at 69.61 (-0.34) high of 70.49, low of 69.27
Meal to Oil ratio (47.225% Meal – 52.775% Oil)
ZSK26 Moving Averages – (1165) 5-day, (1174) 20-day, (1151) 50-day, (1127) 100-day, (1102) 200-day
ZSX26 Moving Averages – (1155) 5-day, (1149) 20-day, (1125) 50-day, (1108) 100-day, (1088) 200-day
ZMK26 Moving Averages – (315.6) 5-day, (318.9) 20-day, (312.7) 50-day, (313.1) 100-day, (307.6) 200-day
ZLK26 Moving Averages – (68.92) 5-day, (67.05) 20-day, (62.14) 50-day, (56.78) 100-day, (54.77) 200-day
CORN –
May ’26 Corn settled at 448.75 (-5.25) (ZCK26) high of 455, low of 448.25. December ’26 Corn (ZCZ26) settled at 477.50 (-5.50). Cash price is 460 (+0.25)
Corn was lower on the day along with soybeans. The first crop progress report came out yesterday afternoon. Planting in Illinois is estimated at 1% complete, compared to 0% last year at this time. May corn is holding above the trendline support at 444 for now. How crude responds to Trump’s 7 p.m. CST deadline tonight, likely decides where corn moves next from here.
ZCK26 Moving Averages – (453) 5-day, (459) 20-day, (448) 50-day, (448) 100-day, (446) 200-day
ZCZ26 Moving Averages – (481) 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 600.50, low of 588. December ‘26 Wheat (ZWZ26) settled at 638.50 (+1). Chicago Wheat has a cash price of 596 (-2). May KC Wheat (KEK5) settled at 607.25 (-1) .
Wheat was the only grain to trade higher on the day today. Wheat was supported by a poor crop conditions report. Oklahoma was rated 54% poor/very poor versus the 10-year average at 20%. Montana and Colorado also had a significant increase in negative crop ratings. Spring wheat planting also looks to be lagging behind last year’s pace. The wheat chart looks better than the other grains and may lead the grains higher if the fighting in Iran escalates.
ZWK26 Moving Averages – (601) 5-day, (599) 20-day, (575) 50-day, (555) 100-day, (559) 200-day
ZWZ26 Moving Averages – (641) 5-day, (640) 20-day, (615) 50-day, (596) 100-day, (599) 200-day
If you’re ready to start trading, click the link below to open an account with Walsh Trading, Inc.
Hans Schmit
Broker, Pure Hedge Division
312-765-7311
hschmit@walshtrading.com
Walsh Trading, Inc. is registered as a Guaranteed Introducing Broker with the Commodity Futures Trading Commission and an NFA Member.
Futures and options trading involves substantial risk and is not suitable for all investors. Therefore, individuals should carefully consider their financial condition in deciding whether to trade. Option traders should be aware that the exercise of a long option will result in a futures position. The valuation of futures and options may fluctuate, and as a result, clients may lose more than their original investment. The information contained on this site is the opinion of the writer or was obtained from sources cited within the commentary. The impact on market prices due to seasonal or market cycles and current news events may already be reflected in market prices. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. All information, communications, publications, and reports, including this specific material, used and distributed by Walsh Trading, Inc. (“WTI”) shall be construed as a solicitation for entering into a derivatives transaction. WTI does not distribute research reports, employ research analysts, or maintain a research department as defined in CFTC Regulation 1.71.