SOYBEANS–
As expected, today’s WASDE report was quiet, especially compared to last month’s report. No changes were made to the domestic balance sheet. World ending stocks for soybeans were raised from 124.91 mmt to 125.51 mmt. Yesterday there was a flash sale for delivery to China. It was the first sale to China since mid-January. Soybeans have bullish charts on the daily, weekly, and monthly timeframes. However, the rally may not last long with the big crop coming out of Brazil. I expect soybeans to make a move up to 1200 or back to 1080. It seems likely that beans will stay near at 11 for long.
March Soybeans (ZSH26) settled at 1122 (+11), high of 1124, low of 1106. May ’26 Soybeans (ZSK26) settled at 1137 (+12), high of 1138, low of 1120. Cash price is at 1084 (-5)
March Bean Meal (ZMH26) settled at 300.8 (+3.0) high of 303.2, low of 296.7
March Bean Oil (ZLH26)) settled at 57.27 (+0.58) high of 57.39, low of 56.27
Meal to Oil ratio (51.325% Meal – 48.675% Oil)
ZSH26 Moving Averages – (1110) 5-day, (1073) 20-day, (1078) 50-day, (1084) 100-day, (1071) 200-day
ZSHK6 Moving Averages – (1124) 5-day, (1085) 20-day, (1090) 50-day, (1095) 100-day, (1082) 200-day
ZMH26 Moving Averages – (300.3) 5-day, (295.3) 20-day, (302.0) 50-day, (303.5) 100-day, (302.6) 200-day
ZLH26 Moving Averages – (56.12) 5-day, (54.03) 20-day, (51.78) 50-day, (51.49) 100-day, (51.84) 200-day
CORN –
March ’26 Corn settled at 428 (unchanged) (ZCH26) high of 431, low of 427. May ’26 Corn (ZCH26) settled at 437 (+0.25). Cash price is 427 (-1)
It was a quiet report day corn as well. But the report did come out slightly bullish. The USDA raised exports from 3,200 in January to 3,300 mb, which brought ending stocks to 2,127 from 2,227 bb previously. World ending stocks were reduced from 290.91 to 288.98 mmt, which was below the average trade guess.
ZCH26 Moving Averages – (430) 5-day, (426) 20-day, (437) 50-day, (438) 100-day, (440) 200-day
ZCK26 Moving Averages – (438) 5-day, (434) 20-day, (444) 50-day, (446) 100-day, (449) 200-day
WHEAT –
March Chicago Wheat (ZWH26) settled at 528 (-0.5), with a high of 531, low of 524. May ‘26 Wheat (ZWK26) settled at 538 (-0.75). Chicago Wheat has a cash price of 522 (-1). March KC Wheat (KEH5) settled at 530 (+1).
Ending stocks for wheat were increased very slightly to 931 mb from 926 previously. The average trade guess for wheat ending stocks was 918 mb. World ending stocks were estimated at 277.51 mmt from the USDA, compared to 278.25 last month. The world ending stocks number was slightly above the average trade estimate at 278.24 mmt.
ZWH26 Moving Averages – (529) 5-day, (524) 20-day, (522) 50-day, (529) 100-day, (552) 200-day
ZWK26 Moving Averages – (539) 5-day, (533) 20-day, (532) 50-day, (540) 100-day, (563) 200-day
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