Soybeans–
After trading 1 3/4 cents higher in the overnight session, soybeans traded lower again. Soybean oil continues to show weakness, now lower 6 of the last 7 sessions. Yesterday, the EPA reported there will be no 2026 RVO confirmation until Q1 ’26. Argentina’s plant workers have scheduled a 1-day strike for Thursday, but it failed to support soybean meal today. Soybeans have filled the gap from October 27 but may still move lower. The March-May spread is tied to Brazil’s production. The mid-November rally moved the March-May spread to 23% of full carry, that spread is now trading at 36% of full carry. Since the spread is getting wider it indicates further commercial selling.
January Soybeans (ZSF26) settled at 1062 (-9), high of 1076, low of 1059. March ’26 Soybeans (ZSH26) settled at 1071 (-9), high of 1086, low of 1069. Cash price is at 1043 (-5)
January Bean Meal (ZMF26) settled at 302.4 (-1.1) high of 306.9, low of 301.7
January Bean Oil (ZLF26)) settled at 49.36 (-1.12) high of 49.48, low of 48.06
Meal to Oil ratio (55.575% Meal – 44.425% Oil)
ZSF26 Moving Averages – (1079) 5-day, (1111) 20-day, (1094) 50-day, (1068) 100-day, (1054) 200-day
ZSH26 Moving Averages – (1088) 5-day, (1120) 20-day, (1104) 50-day, (1081) 100-day, (1064) 200-day
ZMF26 Moving Averages – (306.3) 5-day, (316.8) 20-day, (311.2) 50-day, (302.7) 100-day, (305.3) 200-day
ZLF26 Moving Averages – (49.96) 5-day, (51.10) 20-day, (50.88) 50-day, (51.73) 100-day, (50.43) 200-day
CORN –
March ’26 Corn settled at 436 (-3) (ZCH26) high of 440, low of 445. May ’26 Corn (ZCH26) settled at 444 (-1). Cash price is 436 (-1)
Corn was down 1 cent in the overnight session and continued lower during today’s session. Corn has been drifting lower since late last week. Price is now approaching support at 432-434 in the March contract. Funds have an estimated short position of only 15k contracts, as of end of November they were short close to 11k contracts. Corn exports YTD are 68% above last year. Corn is losing momentum, but the chart is forming a similar selling pattern to mid-October before prices rallied 25 cents.
ZCH26 Moving Averages – (441) 5-day, (443) 20-day, (441) 50-day, (436) 100-day, (446) 200-day
ZCK26 Moving Averages – (449) 5-day, (450) 20-day, (449) 50-day, (446) 100-day, (455) 200-day
WHEAT –
March Chicago Wheat (ZWH26) settled at 509 (-11), with a high of 522, low of 507. May ‘26 Wheat (ZWK26) settled at 519 (-9). Chicago Wheat has a cash price of 521 (-8). March KC Wheat (KEZ25) settled at 517 (-6).
Wheat made a big move lower after falling 3 1/2 cents in the overnight session. Wheat has been trading a tight range as of late, until today’s session. March wheat is now trading close to the psychological resistance at 500. 500 has been strong support for wheat, but with fundamentals not offering anything bullish wheat may break below that level. Wheat imports have been slower around the world, suggesting importers believe prices can go lower. Egypt, the China of the wheat market, has imports down 17% y/oy. Russian and Ukraine wheat are cheap on the global market but both countries have exports down ~20% y/oy.
ZWH26 Moving Averages – (524) 5-day, (536) 20-day, (536) 50-day, (540) 100-day, (570) 200-day
ZWK26 Moving Averages – (528) 5-day, (537) 20-day, (538) 50-day, (545) 100-day, (579) 200-day
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