SOYBEANS–
Soybeans traded higher after a 1 ¼ cent gain in the overnight session. Brazil and Argentina are still deal with dryness in soybean growing areas, although rain is in the forecast. Soybeans have rallied off support but are still trying to break the resistance at 1070. Soybean exports are still 37.5% below last year, even with China back in the export market.
March Soybeans (ZSH26) settled at 1067 (+5), high of 1069, low of 1058. May ’26 Soybeans (ZSK26) settled at 1079 (+5), high of 1082, low of 1070. Cash price is at 1031 (-6)
March Bean Meal (ZMH26) settled at 294.0 (-0.3) high of 295.0, low of 292.7
March Bean Oil (ZLH26)) settled at 54.41 (+0.52) high of 54.53, low of 53.35
Meal to Oil ratio (51.95% Meal – 48.050% Oil)
ZSH26 Moving Averages – (1065) 5-day, (1057) 20-day, (1089) 50-day, (1082) 100-day, (1068) 200-day
ZSHK6 Moving Averages – (1076) 5-day, (1069) 20-day, (1100) 50-day, (1094) 100-day, (1079) 200-day
ZMH26 Moving Averages – (295.2) 5-day, (297.1) 20-day, (308.0) 50-day, (303.2) 100-day, (303.2) 200-day
ZLH26 Moving Averages – (54.02) 5-day, (51.25) 20-day, (51.08) 50-day, (51.22) 100-day, (51.46) 200-day
CORN –
March ’26 Corn settled at 426 (-1) (ZCH26) high of 429, low of 426. May ’26 Corn (ZCH26) settled at 434 (-1). Cash price is 429 (-2)
Corn was up ¾ in the overnight session but traded lower again today. President Trump is scheduled to speak in Iowa today, and he will also be touring an ethanol plant. There could be some news coming about biofuel, however year-round E-15 sales now looks to be off the table. Crude rallied hard today once the grains closed, which may offer some mild support this week. The US dollar is breaking and is now at 4-month low. Exports should continue to be strong going forward. Exports are 53.3% above last year and at 38.7% of the USDA forecast for 2025-26.
ZCH26 Moving Averages – (426) 5-day, (432) 20-day, (439) 50-day, (439) 100-day, (443) 200-day
ZCK26 Moving Averages – (434) 5-day, (440) 20-day, (447) 50-day, (448) 100-day, (452) 200-day
WHEAT –
March Chicago Wheat (ZWH26) settled at 523 (+0.75), with a high of 525, low of 519. May ‘26 Wheat (ZWK26) settled at 532 (unchanged). Chicago Wheat has a cash price of 514 (-7). March KC Wheat (KEH5) settled at 532 (+3).
Wheat was able to close slightly higher today after a quiet overnight session. However, prices are still well off yesterday’s high at 533 ¼. There was some concern of winterkill risks with the extreme cold across the US recently. Weather is still dry, which is likely supporting the market. Forecasts for the next 6-15 days shows limited rain in the plains. Funds remain short over 100k contracts, reflected in Friday’s COT report. Wheat exports are 18.2% above last year. March wheat is close to testing the 50-day moving average.
ZWH26 Moving Averages – (519) 5-day, (514) 20-day, (525) 50-day, (530) 100-day, (556) 200-day
ZWK26 Moving Averages – (530) 5-day, (525) 20-day, (535) 50-day, (541) 100-day, (567) 200-day
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hschmit@walshtrading.com
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