SOYBEANS–
Soybeans were up 16 ¼ cents in the overnight session and continued higher during today’s session. Soybean oil is also grinding higher. The plantings report is scheduled for the end of the month, while the March WASDE is scheduled for next Tuesday. Soybeans will likely have some volatility going forward because of these reports. For now, soybeans continue to make higher lows. The strength in soybean oil likely prevents a break in soybeans in the near-term. StoneX estimates Brazil’s crop at 177.8 mmt, compared to AgRural at 178 mmt.
May ’26 Soybeans (ZSK26) settled at 1170 (+6), high of 1183, low of 1160. November Soybeans (ZSX26) settled at 1131 (+2), high of 1139, low of 1125. Cash price is at 1132 (+10)
May Bean Meal (ZMK26) settled at 314.7 (+1.8) high of 316.9, low of 311.5
May Bean Oil (ZLK26)) settled at 62.82 (+0.08) high of 63.79, low of 62.31
Meal to Oil ratio (50.05% Meal – 49.95% Oil)
ZSK26 Moving Averages – (1166) 5-day, (1144) 20-day, (1101) 50-day, (1108) 100-day, (1089) 200-day
ZSX26 Moving Averages – (1128) 5-day, (1112) 20-day, (1089) 50-day, (1093) 100-day, (1076) 200-day
ZMK26 Moving Averages – (318.2) 5-day, (310.7) 20-day, (305.6) 50-day, (310.8) 100-day, (307.2) 200-day
ZLK26 Moving Averages – (61.97) 5-day, (58.87) 20-day, (54.54) 50-day, (53.09) 100-day, (52.73) 200-day
CORN –
May ’26 Corn settled at 446 (0.75) (ZCK26) high of 451, low of 444. December ’26 Corn (ZCZ26) settled at 471 (+1). Cash price is 441 (+5)
Corn was up 5 ¼ cents in the overnight session and was slightly higher today. Strength in crude oil has provided some support for corn since the Iran conflict kicked off. DDG for production for January was down nearly 4%, while corn used for ethanol was down 1.8% YOY. There was another 196k flash sale today for delivery to an unknown country. Resistance for May corn is at 453.
ZCK26 Moving Averages – (445) 5-day, (440) 20-day, (441) 50-day, (445) 100-day, (448) 200-day
ZCZ26 Moving Averages – (469) 5-day, (462) 20-day, (459) 50-day, (461) 100-day, (460) 200-day
WHEAT –
May Chicago Wheat (ZWK26) settled at 574 (-3), with a high of 585, low of 569. December ‘26 Wheat (ZWZ26) settled at 614 (-1). Chicago Wheat has a cash price of 589 (+21). May KC Wheat (KEK5) settled at 570 (+3).
Wheat was up 4 ¾ cents in the overnight session but slipped lower during today’s session. The grains are seeing a bid in the afternoon and the overnight session but have been trading lower in the morning as of late. If the war with Iran continues to develop countries may begin building grain reserves. StoneX estimates funds sold 13k wheat contracts during the sell-off yesterday. Abares increased their estimate for Australia’s winter wheat crop from 66.3 mmt to 68.4 mmt. If the higher production forecast materializes, it would be Australia’s’ second largest crop on record. Parts of the Plains and Midwest are dry, but rain is in the forecast.
ZWK26 Moving Averages – (577) 5-day, (558) 20-day, (540) 50-day, (542) 100-day, (560) 200-day
ZWZ26 Moving Averages – (614) 5-day, (596) 20-day, (582) 50-day, (583) 100-day, (600) 200-day
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