SOYBEANS–
Soybeans were down 3 in the overnight session but had a big rally during today’s session. President Trump said on social media that China may buy more US beans. March Soybeans rallied from the low at 1059 to as high as 1115 1/4. The comments from Trump helped the markets but it may not be enough to sustain higher prices. China has already held up their end of the deal on the 12 mmt of purchases by the February deadline. US soybeans are still more expensive than Brazil, China’s grain capacity may already be near its peak. China has committed to buy 25 mmt for this year, however similar to the previous target, it’s difficult to say whether they will hold up their end of the deal. The situation with China is also more complicated now with Taiwan and rare earth tension. It would not be surprising to see soybeans do some backing and filling the rest of the week.
March Soybeans (ZSH26) settled at 1092 (+26), high of 1115, low of 1059. May ’26 Soybeans (ZSK26) settled at 1104 (+27), high of 1126, low of 1073. Cash price is at 1038 (+5)
March Bean Meal (ZMH26) settled at 296.2 (+4.3) high of 296.2, low of 291.2
March Bean Oil (ZLH26)) settled at 55.66 (+1.17) high of 55.66, low of 54.24
Meal to Oil ratio (51.55% Meal – 48.450% Oil)
ZSH26 Moving Averages – (1065) 5-day, (1060) 20-day, (1079) 50-day, (1082) 100-day, (1069) 200-day
ZSHK6 Moving Averages – (1077) 5-day, (1072) 20-day, (1091) 50-day, (1094) 100-day, (1080) 200-day
ZMH26 Moving Averages – (293.5) 5-day, (295.3) 20-day, (303.8) 50-day, (303.2) 100-day, (302.7) 200-day
ZLH26 Moving Averages – (53.93) 5-day, (52.65) 20-day, (51.35) 50-day, (51.35) 100-day, (51.67) 200-day
CORN –
March ’26 Corn settled at 429 (+1) (ZCH26) high of 429, low of 428. May ’26 Corn (ZCH26) settled at 437 (+1). Cash price is 427 (+1/4)
Corn closed slightly after a small drop in the overnight session. Corn is now trying to break the resistance at 430. Downside for corn seems limited with strong demand at 420 and below. There was flash sale this morning for 130k mt of corn to unknown. Soybeans may see further buying from China. China may also be interested in US corn. If unknown is China, corn could reprice to 450 in a hurry. Corn may also be seeing some support from drier weather in South America. Brazil still needs more rain to improve crop moisture.
ZCH26 Moving Averages – (428) 5-day, (428) 20-day, (437) 50-day, (439) 100-day, (441) 200-day
ZCK26 Moving Averages – (436) 5-day, (436) 20-day, (445) 50-day, (447) 100-day, (450) 200-day
WHEAT –
March Chicago Wheat (ZWH26) settled at 526 (-2), with a high of 531, low of 522. May ‘26 Wheat (ZWK26) settled at 536 (-1). Chicago Wheat has a cash price of 522 (+2). March KC Wheat (KEH5) settled at 530 (-4).
Wheat was lower in the overnight session and continued lower today. Russia is dealing with extremely cold temperatures in its winter wheat growing areas. Russia’s snow cover is helping prevent winter kill risks for now. The US and Iran nuclear talks were called off and now they are reportedly back on. Meanwhile, peace talks between the US, Ukraine, and Russia are scheduled for tomorrow. Funds still hold a large short position in wheat, but their net short is now below 100k contracts.
ZWH26 Moving Averages – (532) 5-day, (521) 20-day, (523) 50-day, (530) 100-day, (553) 200-day
ZWK26 Moving Averages – (541) 5-day, (531) 20-day, (532) 50-day, (540) 100-day, (564) 200-day
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