SOYBEANS–
Soybeans closed lower today after trading 1 ¾ cents lower in the overnight session. China has reached the 12 mmt target. The target is now at least 25 mmt each year through 2028. Soybean meal rallied hard today and soybean oil was also higher on the day. The dollar is selling off, which is supportive for exports. South America is just beginning their harvest.
March Soybeans (ZSH26) settled at 1053 (-4), high of 1061, low of 1052. May ’26 Soybeans (ZSK26) settled at 1064 (-4), high of 1073, low of 1063. Cash price is at 1025 (+4)
March Bean Meal (ZMH26) settled at 291.6 (+1.6) high of 293.5, low of 289.1
March Bean Oil (ZLH26)) settled at 52.56 (-0.05) high of 53.19, low of 52.41
Meal to Oil ratio (52.425% Meal – 47.575% Oil)
ZSH26 Moving Averages – (1049) 5-day, (1058) 20-day, (1096) 50-day, (1082) 100-day, (1067) 200-day
ZSHK6 Moving Averages – (1060) 5-day, (1069) 20-day, (1107) 50-day, (1094) 100-day, (1078) 200-day
ZMH26 Moving Averages – (290.9) 5-day, (299.4) 20-day, (310.8) 50-day, (303.3) 100-day, (303.5) 200-day
ZLH26 Moving Averages – (52.06) 5-day, (50.00) 20-day, (50.79) 50-day, (51.18) 100-day, (51.26) 200-day
CORN –
March ’26 Corn settled at 423 (-1) (ZCH26) high of 425, low of 422. May ’26 Corn (ZCH26) settled at 431 (+0.75). Cash price is 425 (+4)
Corn closed lower after trading 2 cents lower in the overnight session. Corn briefly flipped green during today’s session but failed to keep its gains. Corn may be stuck in the mud here in the near-term after the unfriendly report from the USDA. Managed money opened new short positions in corn last week, and the chart is broken after the break following the WASDE report. 425 may be a strong resistance level for corn, similar to how corn traded around 450 previously.
ZCH26 Moving Averages – (422) 5-day, (438) 20-day, (441) 50-day, (440) 100-day, (443) 200-day
ZCK26 Moving Averages – (429) 5-day, (445) 20-day, (449) 50-day, (448) 100-day, (452) 200-day
WHEAT –
March Chicago Wheat (ZWH26) settled at 510 (-2), with a high of 517, low of 509. May ‘26 Wheat (ZWK26) settled at 521 (-2). Chicago Wheat has a cash price of 503 (-2). March KC Wheat (KEH5) settled at 527 (+7).
Wheat was lower again after a 4 cent drop in the overnight session. Fundamentals for wheat are still bearish. There was some minor short covering last week, but wheat has struggled to keep its gains lately. The plains are expected to stay dry, and funds still hold a large short position at over 100k contracts short. Wheat is still holding above 500. Any move below 500 likely gets bought up quickly and may be an opportunity to get long.
ZWH26 Moving Averages – (512) 5-day, (513) 20-day, (528) 50-day, (532) 100-day, (558) 200-day
ZWK26 Moving Averages – (523) 5-day, (524) 20-day, (537) 50-day, (542) 100-day, (569) 200-day
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hschmit@walshtrading.com
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