SOYBEANS–
Soybeans were up 5 cents in the overnight session and higher again today. Brazil’s harvest is estimated at 65% complete. For the week ending March 19, soybean exports were 1.1 mmt, compared to 981k the week prior. There was a 161k flash sale this morning for delivery to Mexico. There was some profit taking in meal today following the rally last week, while soybean oil continues to rally.
May ’26 Soybeans (ZSK26) settled at 1164 (+3), high of 1171, low of 1152. November Soybeans (ZSX26) settled at 1151 (+7), high of 1151, low of 1133. Cash price is at 1127 (-8)
May Bean Meal (ZMK26) settled at 326.7 (-1.30) high of 332.4, low of 324.9
May Bean Oil (ZLK26) settled at 65.71 (+0.20) high of 66.38, low of 64.22
Meal to Oil ratio (49.9% Meal – 50.1% Oil)
ZSK26 Moving Averages – (1162) 5-day, (1178) 20-day, (1132) 50-day, (1124) 100-day, (1097) 200-day
ZSX26 Moving Averages – (1141) 5-day, (1140) 20-day, (1109) 50-day, (1103) 100-day, (1083) 200-day
ZMK26 Moving Averages – (324.1) 5-day, (318.0) 20-day, (308.9) 50-day, (313.9) 100-day, (307.4) 200-day
ZLK26 Moving Averages – (65.60) 5-day, (64.59) 20-day, (59.06) 50-day, (55.07) 100-day, (53.91) 200-day
CORN –
May ’26 Corn settled at 460 (-5) (ZCK26) high of 473, low of 460. December ’26 Corn (ZCZ26) settled at 486 (-4). Cash price is 462 (-3)
Corn was down 2 in the overnight session and lower again today. It was reported this morning that the US would be halting attacks on Iranian energy infrastructure for the next five days. President Trump said that talks with Iran have been productive, but Iran has denied that any negotiations were taking place. It’s no surprise that corn traded negatively off the peace talks, given the recent strength on inflation fears. It seems likely that more volatility is ahead. For the week ending March 19, corn exports were 1.7 mmt, compared to 1.670 mmt the week prior. There was a 102k flash sale this morning for delivery to Mexico.
ZCK26 Moving Averages – (462) 5-day, (454) 20-day, (443) 50-day, (448) 100-day, (447) 200-day
ZCZ26 Moving Averages – (488) 5-day, (479) 20-day, (465) 50-day, (465) 100-day, (461) 200-day
WHEAT –
May Chicago Wheat (ZWK26) settled at 589 (-6), with a high of 606, low of 577. December ‘26 Wheat (ZWZ26) settled at 632 (-5). Chicago Wheat has a cash price of 595 (-12). May KC Wheat (KEK5) settled at 603 (-3).
Wheat was down 7 cents in the overnight session and traded lower again today. Wheat had similar weakness to corn on the Iran de-escalation news. Wheat has given up a lot of its gains since making a high at 641 ¾ on March 9. May wheat lost support at the 14 and 21-day moving average but is now finding support at the 50-day moving average.
ZWK26 Moving Averages – (597) 5-day, (590) 20-day, (560) 50-day, (551) 100-day, (560) 200-day
ZWZ26 Moving Averages – (638) 5-day, (630) 20-day, (601) 50-day, (592) 100-day, (600) 200-day
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Hans Schmit
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hschmit@walshtrading.com
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