SOYBEANS–
March soybeans were 6 cents higher this morning but ended up finishing the day slightly lower. Soybean oil saw some profit taking after rallying since the end of 2025. Meanwhile,. soybean meal continues to rally this week. There was a flash sale this morning for 192,350k mt of soybeans to a unknown destination, which could be China. Harvest is Brazil is estimated at 3% complete. Beans have strong resistance at 1065-1070
March Soybeans (ZSH26) settled at 1064 (-0.50), high of 1072, low of 1060. May ’26 Soybeans (ZSK26) settled at 1076 (+1), high of 1083, low of 1072. Cash price is at 1032 (+11)
March Bean Meal (ZMH26) settled at 296.2 (+4.8) high of 297.6, low of 291.4
March Bean Oil (ZLH26)) settled at 53.78 (-0.23) high of 54.31, low of 53.55
Meal to Oil ratio (52.425% Meal – 47.575% Oil)
ZSH26 Moving Averages – (1058) 5-day, (1058) 20-day, (1094) 50-day, (1082) 100-day, (1067) 200-day
ZSHK6 Moving Averages – (1069) 5-day, (1070) 20-day, (1104) 50-day, (1094) 100-day, (1078) 200-day
ZMH26 Moving Averages – (291.7) 5-day, (298.6) 20-day, (309.7) 50-day, (303.2) 100-day, (303.4) 200-day
ZLH26 Moving Averages – (53.19) 5-day, (50.51) 20-day, (50.93) 50-day, (51.19) 100-day, (51.33) 200-day
CORN –
March ’26 Corn settled at 424 (+4) (ZCH26) high of 424, low of 421. May ’26 Corn (ZCH26) settled at 432 (+2). Cash price is 423 (-1)
Corn was up slightly today after a 1 ½ cent gain in the overnight session. Ukraine’s harvest is estimated 5% lower by LSEG. They noted lower planted area in Ukraine. There were no flash sales today for corn, but an unknown buyer has bought 993k mt of corn so far this week. It is not unreasonable to assume that unknown buyer is China. March corn has strong resistance at 425.
ZCH26 Moving Averages – (422) 5-day, (435) 20-day, (440) 50-day, (440) 100-day, (443) 200-day
ZCK26 Moving Averages – (430) 5-day, (443) 20-day, (448) 50-day, (448) 100-day, (452) 200-day
WHEAT –
March Chicago Wheat (ZWH26) settled at 515 (+7), with a high of 517, low of 507. May ‘26 Wheat (ZWK26) settled at 526 (+7). Chicago Wheat has a cash price of 503 (+1). March KC Wheat (KEH5) settled at 525 (+6).
Wheat is being supported by the cold weather in the US. Wheat led the grains higher today after a 3 ¾ cent gain in the overnight session. Global production is expected to continue to be strong. LSEG mentioned there are minimal weather challenges for major wheat growing countries such as: Ukraine, Russia, the EU, UK, China, and India. Managed money is still short over 100k contracts. Short covering could be possible if weather stays supportive.
ZWH26 Moving Averages – (512) 5-day, (513) 20-day, (526) 50-day, (531) 100-day, (557) 200-day
ZWK26 Moving Averages – (523) 5-day, (524) 20-day, (536) 50-day, (541) 100-day, (568) 200-day
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Hans Schmit
Broker, Pure Hedge Division
312-765-7311
hschmit@walshtrading.com
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