SOYBEANS–
The Grain Stocks and acreage reports were released this morning. The USDA estimated planted area at 84.7 ma, which is a 4% increase from last year. The average trade estimate pre-report was 85.52 ma. The USDA estimated soybeans in all positions at 2.10 bb, up 10%. The pre-report estimate for quarterly stocks was 2,077 mb. Off-farm stocks and on farm stocks were also higher than last year. Soybeans had a bullish reaction to the report, making a high at 1164 in new crop soybeans.
May ’26 Soybeans (ZSK26) settled at 1172.25 (+12.50), high of 1177.75, low of 1156. November Soybeans (ZSX26) settled at 1157.75 (+13.75), high of 1164, low of 1140. Cash price is at 1125 (unchanged)
May Bean Meal (ZMK26) settled at 316.4 (+1.50) high of 318, low of 313.5
May Bean Oil (ZLK26) settled at 68.97 (+0.50) high of 69.21, low of 68.0
Meal to Oil ratio (47.875% Meal – 52.125% Oil)
ZSK26 Moving Averages – (1167) 5-day, (1178) 20-day, (1144) 50-day, (1126) 100-day, (1100) 200-day
ZSX26 Moving Averages – (1149) 5-day, (1146) 20-day, (1119) 50-day, (1106) 100-day, (1086) 200-day
ZMK26 Moving Averages – (317.7) 5-day, (318.3) 20-day, (311.3) 50-day, (313.6) 100-day, (307.4) 200-day
ZLK26 Moving Averages – (67.98) 5-day, (66.36) 20-day, (60.95) 50-day, (56.07) 100-day, (54.48) 200-day
CORN –
May ’26 Corn settled at 458.50 (+2.75) (ZCK26) high of 462, low of 451.25. December ’26 Corn (ZCZ26) settled at 485 (+1). Cash price is 463 (-0.25)
The USDA estimated planted area at 95.338 ma, down 3% from last year. The pre-report trade estimate was 94.42 ma. Corn stocks were estimated at 9.02 bb, up 11% from last year. The pre-report trade estimate was 9,108 bb. Off farms stocks were estimated 21% higher than last year, while off-farm stocks were estimated 2% lower than last year. Corn also had a bullish reaction to the report. New crop December corn made a high at 488 ¼ following the report. Crude oil briefly dipped below $100 but is now holding above that level for now.
ZCK26 Moving Averages – (462) 5-day, (459) 20-day, (446) 50-day, (448) 100-day, (447) 200-day
ZCZ26 Moving Averages – (489) 5-day, (486) 20-day, (470) 50-day, (466) 100-day, (462) 200-day
WHEAT –
May Chicago Wheat (ZWK26) settled at 618.25 (+11.25), with a high of 625, low of 605.25. December ‘26 Wheat (ZWZ26) settled at 657 (+9). Chicago Wheat has a cash price of 607 (+2). May KC Wheat (KEK5) settled at 637.50 (+11.25)
The USDA estimated all wheat acreage at 43.8 ma, down 3% from last year. The pre-report trade estimate was 45 ma. Wheat stocks were estimated at 1,300 bb, up 5% from last year. The pre-report trade estimate was 1,308 bb. Off-farm stocks were up 8 percent, while on farm stocks were up 5 percent. Wheat also had a bullish reaction to the reports. New crop wheat made a high at 664 following the report.
ZWK26 Moving Averages – (606) 5-day, (598) 20-day, (569) 50-day, (554) 100-day, (560) 200-day
ZWZ26 Moving Averages – (646) 5-day, (639) 20-day, (610) 50-day, (594) 100-day, (600) 200-day
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Hans Schmit
Broker, Pure Hedge Division
312-765-7311
hschmit@walshtrading.com
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