SOYBEANS–
Soybeans closed the week higher, making a high at 1178 ¼ in the May contract. Soybean meal rallied hard today, after a morning flash sale for 100k mt to Italy. Soybean meal is showing technical strength and should help support beans next week. Soybean meal has resistance at the March high, 335 ½. Soybean oil is sitting at trendline support in the front-month contract. Soybean oil may be getting ready for another leg higher, especially if crude moves back above 100.
May ’26 Soybeans (ZSK26) settled at 1174.50 (+9.25), high of 1179.25, low of 1164.50. November Soybeans (ZSX26) settled at 1156.25 (+3.75), high of 1160.25, low of 1151.75. Cash price is at 1135 (+3)
May Bean Meal (ZMK26) settled at 322.2 (+14.60) high of 334.7, low of 317.7
May Bean Oil (ZLK26) settled at 67.10 (-.60) high of 67.87, low of 66.58
Meal to Oil ratio (49.725% Meal – 50.275% Oil)
ZSK26 Moving Averages – (1165) 5-day, (1167) 20-day, (1157) 50-day, (1128) 100-day, (1103) 200-day
ZSX26 Moving Averages – (1154) 5-day, (1148) 20-day, (1130) 50-day, (1109) 100-day, (1089) 200-day
ZMK26 Moving Averages – (318.4) 5-day, (319.6) 20-day, (314.0) 50-day, (312.8) 100-day, (307.8) 200-day
ZLK26 Moving Averages – (68.38) 5-day, (67.15) 20-day, (62.90) 50-day, (57.25) 100-day, (54.97) 200-day
CORN –
May ’26 Corn settled at 444.75 (-3.25) (ZCK26) high of 446.25, low of 438. December ’26 Corn (ZCZ26) settled at 471.75 (-2.50). Cash price is 448 (-3)
Corn was unable to close higher on the day, despite a morning flash sale for 125k mt to an unknown country. Corn has a good demand story to it, especially with the break in the dollar. Rain is back in the forecast for the Midwest and the Plains over the weekend, in addition to rising temperatures. The US and Iran will meet in Pakistan on Saturday for negotiations.
ZCK26 Moving Averages – (447) 5-day, (457) 20-day, (448) 50-day, (448) 100-day, (446) 200-day
ZCZ26 Moving Averages – (476) 5-day, (484) 20-day, (473) 50-day, (467) 100-day, (462) 200-day
WHEAT –
May Chicago Wheat (ZWK26) settled at 570 (-4.50), with a high of 577.75, low of 567.5. December ‘26 Wheat (ZWZ26) settled at 610.25 (-5.50). Chicago Wheat has a cash price of 578 (-5). May KC Wheat (KEK5) settled at 589 (-1.50)
Wheat was lower today, with rain back in the forecast for the Plains. May wheat closed at support today. Yesterday’s WASDE report showed an increase in ending stocks from 931 mb last month to 938 mb. World ending stocks were adjusted from 276.96 mmt last month to 283.12 mmt. Ending stocks were raised for the EU, India, Argentina, Australia, and Ukraine.
ZWK26 Moving Averages – (583) 5-day, (596) 20-day, (577) 50-day, (556) 100-day, (559) 200-day
ZWZ26 Moving Averages – (625) 5-day, (637) 20-day, (617) 50-day, (596) 100-day, (599) 200-day
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hschmit@walshtrading.com
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