SOYBEANS–
Soybeans started the day lower but reversed and closed higher on the day. Soybean oil also traded red to green today. The entire soybean complex is showing strength, with soybean meal rallying as well. Crush margins are increasing, while crush rates are slowing in South America. Indonesia has significantly increased their intended meal purchases from 216k mt in 2025 to 3.8 mmt for 2026.
May ’26 Soybeans (ZSK26) settled at 1148 (+10), high of 1166, low of 1148. November Soybeans (ZSX26) settled at 1127 (+6), high of 1128, low of 1116. Cash price is at 1114 (+6)
May Bean Meal (ZMK26) settled at 321.8 (+7.4) high of 322.4, low of 314.4
May Bean Oil (ZLK26)) settled at 60.67 (+0.17 high of 60.97, low of 59.80
Meal to Oil ratio (51.375% Meal – 48.625% Oil)
ZSK26 Moving Averages – (1155) 5-day, (1127) 20-day, (1094) 50-day, (1104) 100-day, (1087) 200-day
ZSX26 Moving Averages – (1119) 5-day, (1103) 20-day, (1085) 50-day, (1090) 100-day, (1075) 200-day
ZMK26 Moving Averages – (314.3) 5-day, (307.1) 20-day, (304.9) 50-day, (309.9) 100-day, (307.1) 200-day
ZLK26 Moving Averages – (60.09 5-day, (57.28) 20-day, (53.56) 50-day, (52.66) 100-day, (52.50) 200-day
CORN –
May ’26 Corn settled at 442 (+4) (ZCK26) high of 442, low of 438. December ’26 Corn (ZCZ26) settled at 467 (+3). Cash price is 427 (+0.25)
Corn closed higher today along with soybeans after a 1 cent gain in the overnight session. Corn may have a bullish story if China decides to buy US corn. China’s corn crop has quality issues making it hard to process and turn into DDGs. There’s 3 days left for the market to decide the crop insurance price for this year. So far, December corn has averaged 460 this month. Last year’s insurance price was 470.
ZCK26 Moving Averages – (439) 5-day, (438) 20-day, (441) 50-day, (445) 100-day, (448) 200-day
ZCZ26 Moving Averages – (464) 5-day, (460) 20-day, (459) 50-day, (461) 100-day, (459) 200-day
WHEAT –
May Chicago Wheat (ZWK26) settled at 569 (-3), with a high of 575, low of 563. December ‘26 Wheat (ZWZ26) settled at 606 (-5). Chicago Wheat has a cash price of 564 (-2). May KC Wheat (KEK5) settled at 552 (-1).
Wheat traded lower today after a 5 ¾ cent drop in the overnight session. Indonesia is expected to make purchases of US wheat following the trade deal. Israel is also planning to buy US wheat. Wheat likely will find strong support given recent exports and strong expected demand. May wheat has support at 574 and 563. Russian winter wheat can be bought at a significant discount to the US, but winter exports are at the lowest level in 5 years.
ZWK26 Moving Averages – (572) 5-day, (551) 20-day, (535) 50-day, (541) 100-day, (561) 200-day
ZWZ26 Moving Averages – (609) 5-day, (590) 20-day, (578) 50-day, (582) 100-day, (600) 200-day
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hschmit@walshtrading.com
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