Soybeans–
Soybeans closed higher today after some flash sales this morning. The USDA reported flash sales of 264k mt of soybeans to China, in addition 226k mt to unknown and 65k mt. Soybean sales for the week ending November 13 were 695k. The deadline for soybean exports to China continues to change. First the deadline was set as the end of the year, then the end of February, now US Trade Representative Greer has said the deadline is the end of the growing season. Exports to China are at about 6 mmt of the 12 mmt target. The crush report came out yesterday. Soybean oil stocks are tight, with only enough domestic oil for the rest of the month. Malaysian palm oil production is at a 6 year high. Soybean oil traded lower today, while soybean meal traded a dollar higher on the day. The Brazilian Real is weakening versus the US dollar as former President Bolsonaro’s son announced he will be running for President. A weaker real is bearish for US soybeans.
January Soybeans (ZSF26) settled at 1093 (+2), high of 1096, low of 1086. March ’26 Soybeans (ZSH26) settled at 1102 (+1), high of 1105, low of 1095. Cash price is at 1063 (+4)
January Bean Meal (ZMF26) settled at 302.1 (+0.9) high of 304.1, low of 300.8
January Bean Oil (ZLF26)) settled at 51.82 (-0.27) high of 51.23, low of 50.42
Meal to Oil ratio (54.325% Meal – 45.675% Oil)
ZSF26 Moving Averages – (1094) 5-day, (1122) 20-day, (1092) 50-day, (1067) 100-day, (1053) 200-day
ZSH26 Moving Averages – (1104) 5-day, (1131) 20-day, (1103) 50-day, (1081) 100-day, (1064) 200-day
ZMF26 Moving Averages – (303.7) 5-day, (316.0) 20-day, (305.7) 50-day, (297.1) 100-day, (301.5) 200-day
ZLF26 Moving Averages – (51.16) 5-day, (51.33) 20-day, (50.97) 50-day, (51.93) 100-day, (50.36) 200-day
CORN –
March ’26 Corn settled at 446 (+2) (ZCH26) high of 448, low of 443. May ’26 Corn (ZCH26) settled at 454 (+2). Cash price is 440 (+0.25)
Corn traded 3 1/2 cents higher in the overnight session. Corn was higher on the day today, after a 186k mt flash sale this morning made to unknown and 65 mt to Taiwan. Brazil’s corn production forecast was raised by CONAB to 138.8 mmt, from 138.84 mmt previously. Corn exports are doing well, and corn still looks strong technically. Corn is trading above the 14, 50, 100, and 200-day moving averages. Corn is starting to consolidate and could be getting ready for the next moving higher, beyond the 450 resistance level.
ZCH26 Moving Averages – (445) 5-day, (444) 20-day, (441) 50-day, (436) 100-day, (447) 200-day
ZCK26 Moving Averages – (453) 5-day, (452) 20-day, (449) 50-day, (446) 100-day, (456) 200-day
WHEAT –
March Chicago Wheat (ZWH26) settled at 533 (+4), with a high of 534, low of 529. May ‘26 Wheat (ZWK26) settled at 541 (+3). Chicago Wheat has a cash price of 530 (-5). March KC Wheat (KEZ25) settled at 522 (-1).
Wheat traded 3 1/2 cents higher in the overnight session and continued higher today. Wheat exports the week ending November 13 were 850k mt that includes 60k mt to China. Through November wheat exports are up 24% y/oy. 343k was sold to unknown, which could be China. Canada’s new crop wheat production estimate was revised 2% higher to 36.6 mmt. Argentina’s wheat crop estimate was revised to 27.7 mmt from 24.5 mmt. Exports were also raised 15% above last year. Ukraine has attacked Russian tankers and Putin has responded with a threat to Ukraine’s tankers if the attacks do not stop. An attack on Ukraine’s tankers could support the market by triggering short covering.
ZWH26 Moving Averages – (533) 5-day, (540) 20-day, (537) 50-day, (542) 100-day, (572) 200-day
ZWK26 Moving Averages – (541) 5-day, (549) 20-day, (547) 50-day, (553) 100-day, (582) 200-day
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hschmit@walshtrading.com
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