Soybeans–
Soybeans were lower on the day, after trading 3/4 cents higher in the overnight session. China bought 10-14 cargoes yesterday for March, May, and April delivery. China’s purchases are now estimated at 10 mmt of the 12 mmt target set for February. It now seems more likely that China could meet the export target, however upside is likely already priced in on the previous move higher. Brazil’s production was estimated 0.4 mmt higher to 177.6 mmt.
March Soybeans (ZSH26) settled at 1056 (-5), high of 1068, low of 1055. May ’26 Soybeans (ZSK26) settled at 1068 (-6), high of 1079, low of 1067. Cash price is at 1027 (+15)
March Bean Meal (ZMH26) settled at 299.5 (-0.25) high of 301.3, low of 298.3
March Bean Oil (ZLH26)) settled at 49.40 (-0.47) high of 50.43, low of 49.36
Meal to Oil ratio (54.80% Meal – 45.20% Oil)
ZSH26 Moving Averages – (1054) 5-day, (1072) 20-day, (1107) 50-day, (1085) 100-day, (1066) 200-day
ZSHK6 Moving Averages – (1067) 5-day, (1083) 20-day, (1117) 50-day, (1096) 100-day, (1077) 200-day
ZMH26 Moving Averages – (299.4) 5-day, (303.8) 20-day, (314.6) 50-day, (303.9) 100-day, (304.2) 200-day
ZLH26 Moving Averages – (49.31) 5-day, (49.71) 20-day, (50.75) 50-day, (51.41) 100-day, (51.00) 200-day
CORN –
March ’26 Corn settled at 444 (-0.50) (ZCH26) high of 447, low of 443. May ’26 Corn (ZCH26) settled at 451 (-0.75). Cash price is 446 (+6)
Corn was supported yesterday by strength in soybeans, in addition to a rally in crude oil. Corn held support today and may be getting ready for the next leg higher. The key resistance is still 450. Managed money holds a small short position at just 24k contracts, after unwinding 26k contracts. Ukraine’s harvest is nearly complete, with December exports almost 10% below November. The next WASDE report is next Monday. The USDA may decide to cut the yield estimate than.
ZCH26 Moving Averages – (441) 5-day, (443) 20-day, (444) 50-day, (439) 100-day, (445) 200-day
ZCK26 Moving Averages – (449) 5-day, (451) 20-day, (452) 50-day, (448) 100-day, (454) 200-day
WHEAT –
March Chicago Wheat (ZWH26) settled at 510 (-2), with a high of 515, low of 510. May ‘26 Wheat (ZWK26) settled at 521 (-2). Chicago Wheat has a cash price of 508 (+6). March KC Wheat (KEZ25) settled at 521 (+0.75).
Wheat was lower on the day after trading a 1/2 cent lower in the overnight session. Weather in the Black Sea region is expected to get very cold, which may hurt Russia and Ukraine’s wheat crop. The cold front is expected to bring snow as well, which could limit damage. Wheat is showing some strength, staying above 500. A short covering rally may be possible, but upside is likely capped.
ZWH26 Moving Averages – (509) 5-day, (517) 20-day, (534) 50-day, (534) 100-day, (562) 200-day
ZWK26 Moving Averages – (520) 5-day, (527) 20-day, (544) 50-day, (545) 100-day, (573) 200-day
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hschmit@walshtrading.com
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