SOYBEANS–
Soybeans were up 1 cent in the overnight session and continued higher during today’s session. Tomorrow’s report is expected to be one of the quieter reports of the year. The USDA may decide to raise their crush estimate and lower exports on tomorrow’s report. The average estimate for ending stocks on tomorrow’s report is 349 mb, compared to 350 mb on the March report.
May ’26 Soybeans (ZSK26) settled at 1161.75 (+3.50), high of 1163, low of 1140.50. November Soybeans (ZSX26) settled at 1151.50 (+0.50), high of 1152.75, low of 1135. Cash price is at 1127 (-8)
May Bean Meal (ZMK26) settled at 313.70 (+1.90) high of 315.20, low of 311.70
May Bean Oil (ZLK26) settled at 67.43 (-2.29) high of 67.95, low of 66.22
Meal to Oil ratio (47.225% Meal – 52.775% Oil)
ZSK26 Moving Averages – (1163) 5-day, (1172) 20-day, (1153) 50-day, (1127) 100-day, (1102) 200-day
ZSX26 Moving Averages – (1153) 5-day, (1149) 20-day, (1127) 50-day, (1108) 100-day, (1088) 200-day
ZMK26 Moving Averages – (315.2) 5-day, (318.9) 20-day, (313.0) 50-day, (313.0) 100-day, (307.6) 200-day
ZLK26 Moving Averages – (68.63) 5-day, (67.14) 20-day, (62.40) 50-day, (56.93) 100-day, (54.83) 200-day
CORN –
May ’26 Corn settled at 447.25 (-1.75) (ZCK26) high of 448.25, low of 442.25. December ’26 Corn (ZCZ26) settled at 475.75 (-2.25). Cash price is 455 (-5)
Corn closed lower but held up well despite the weakness in crude. May was down 5 cents in the overnight session. The pre-report estimate for tomorrow’s report has corn ending stocks unchanged at 2.127 bb. World ending stocks are expected to see a slight increase. The dollar wiped its gains for the year following the Iran ceasefire agreement. A weaker dollar should be beneficial for exports and limit the potential downside for corn.
ZCK26 Moving Averages – (451) 5-day, (459) 20-day, (448) 50-day, (448) 100-day, (446) 200-day
ZCZ26 Moving Averages – (479) 5-day, (486) 20-day, (473) 50-day, (467) 100-day, (462) 200-day
WHEAT –
May Chicago Wheat (ZWK26) settled at 580 (-18), with a high of 589, low of 577. December ‘26 Wheat (ZWZ26) settled at 623 (-15.75). Chicago Wheat has a cash price of 601 (+5). May KC Wheat (KEK5) settled at 593.50 (-14) .
Wheat was down 19 cents in the overnight session and made another large move lower during today’s session. May wheat failed to hold support at the 50 DMA on the daily chart. Wheat is having some weather premium taken out of the market because of the rain returning to the Plains. Chicago led KC lower today. Tomorrow’s report is expected to be bullish for wheat. The pre-report estimate is 923 mb, compared to 931 mb last March. The USDA may decide to raise their export forecast. As of March 19, exports reached 98% of the USDA forecast versus the 5-year average at 90%.
ZWK26 Moving Averages – (593) 5-day, (599) 20-day, (576) 50-day, (556) 100-day, (559) 200-day
ZWZ26 Moving Averages – (635) 5-day, (640) 20-day, (616) 50-day, (596) 100-day, (599) 200-day
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