SOYBEANS–
Soybeans finished the day lower after a 4 ¼ cent gain in the overnight session. The EPA’s RVO decision was released today. The biodiesel mandate is set at 8.86 billion RINS for 2026 and 8.95 for 2027. Soybean oil was lower heading into the release of the new biofuel mandate, but reversed following the decision. The average trade estimate for Tuesday’s Grain Stocks report is 2,063 mb, compared to 1,911 last year. The estimate for Tuesday’s acreage report is 85.549 ma, compared to 81.215 last year and 85.0 on the February WASDE report.
May ’26 Soybeans (ZSK26) settled at 1159 (-14), high of 1178, low of 1155. November Soybeans (ZSX26) settled at 1144 (-8), high of 1158, low of 1141. Cash price is at 1140 (+3)
May Bean Meal (ZMK26) settled at 315.0 (-7.10) high of 323.5, low of 314.7
May Bean Oil (ZLK26) settled at 67.22 (-0.80) high of 69.1, low of 66.30
Meal to Oil ratio (48.325% Meal – 51.675% Oil)
ZSK26 Moving Averages – (1164) 5-day, (1178) 20-day, (1140) 50-day, (1126) 100-day, (1099) 200-day
ZSX26 Moving Averages – (1147) 5-day, (1144) 20-day, (1116) 50-day, (1105) 100-day, (1085) 200-day
ZMK26 Moving Averages – (321.2) 5-day, (318.1) 20-day, (310.5) 50-day, (313.8) 100-day, (307.4) 200-day
ZLK26 Moving Averages – (66.77) 5-day, (65.77) 20-day, (60.34) 50-day, (55.71) 100-day, (54.28) 200-day
CORN –
May ’26 Corn settled at 461 (-5) (ZCK26) high of 470, low of 460. December ’26 Corn (ZCZ26) settled at 490 (-4). Cash price is 468 (-0.25)
Yesterday, the EPA announced a temporary fuel waiver allowing nationwide E15 sales, in addition to removing impediments on E10 sales. The waiver is expected to begin May 1. The average trade estimate for Tuesday’s Grain Stocks report is 9,036 mb, compared to 8,147 mb last year. The average estimate for the acreage report is 94.371 ma, compared to 98.788 last year and 94.0 on the February WASDE report. The range of estimates for the acreage report is 92.6 ma on the low-end and 96.0 ma on the high-end.
ZCK26 Moving Averages – (463) 5-day, (458) 20-day, (445) 50-day, (448) 100-day, (447) 200-day
ZCZ26 Moving Averages – (490) 5-day, (484) 20-day, (469) 50-day, (466) 100-day, (462) 200-day
WHEAT –
May Chicago Wheat (ZWK26) settled at 605 (+0.75), with a high of 613, low of 599. December ‘26 Wheat (ZWZ26) settled at 646 (+0.25). Chicago Wheat has a cash price of 468 (-0.25). May KC Wheat (KEK5) settled at 633 (+7).
The average trade estimate for wheat on the Grain Stocks report is 1,295 mb, compared to 1,237 mb last year. Acreage is estimated at 44.786 ma for all wheat areas, compared to 45.328 last year. Winter wheat acreage is estimated at 32.730 ma, compared to 33.153 ma last year. The effect of fertilizer price increase is showing in worldwide new crop production estimates. India’s new crop wheat was estimated at 115 mmt previously, that estimate has now been updated to 113-114 mmt. The new crop EU forecast was also lowered from 134.2 mmt this year to 125.9 mmt. Iran tension and increasing drought in the US Plains should also help support wheat.
ZWK26 Moving Averages – (597) 5-day, (595) 20-day, (566) 50-day, (553) 100-day, (560) 200-day
ZWZ26 Moving Averages – (639) 5-day, (635) 20-day, (607) 50-day, (594) 100-day, (599) 200-day
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Hans Schmit
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312-765-7311
hschmit@walshtrading.com
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