SOYBEANS–
Soybeans made a solid gain today after it was reported that President Trump will be headed to China May 14. The new biofuel mandate is expected to be released on Friday. The acreage and grain stocks reports will be out on Tuesday. Brazil’s soybean harvest is estimated at 65% complete. Soybeans will likely continue to be volatile going forward.
May ’26 Soybeans (ZSK26) settled at 1171 (+16), high of 1176, low of 1151. November Soybeans (ZSX26) settled at 1150 (+6), high of 1154, low of 1140. Cash price is at 1121 (-8)
May Bean Meal (ZMK26) settled at 319.8 (-2.60) high of 324.4, low of 318.1
May Bean Oil (ZLK26) settled at 67.10 (+1.37) high of 67.32, low of 64.90
Meal to Oil ratio (49.525% Meal – 50.475% Oil)
ZSK26 Moving Averages – (1164) 5-day, (1178) 20-day, (1136) 50-day, (1125) 100-day, (1098) 200-day
ZSX26 Moving Averages – (1145) 5-day, (1142) 20-day, (1112) 50-day, (1104) 100-day, (1084) 200-day
ZMK26 Moving Averages – (325.9) 5-day, (318.3) 20-day, (309.6) 50-day, (314.0) 100-day, (307.4) 200-day
ZLK26 Moving Averages – (65.87) 5-day, (65.18) 20-day, (59.69) 50-day, (55.37) 100-day, (54.09) 200-day
CORN –
May ’26 Corn settled at 467 (+4) (ZCK26) high of 468, low of 458. December ’26 Corn (ZCZ26) settled at 493 (+4). Cash price is 461 (+5)
Corn traded higher on the day, with crude oil creeping higher throughout the day. Corn was down in the overnight session because of ceasefire talks. The USDA is looking at measures to bring down fertilizer costs. The acreage report will give a reading on how much corn is expected to be planted given the fertilizer situation. Planting is already underway in the South. May corn has support at 454-455.
ZCK26 Moving Averages – (464) 5-day, (456) 20-day, (444) 50-day, (448) 100-day, (447) 200-day
ZCZ26 Moving Averages – (490) 5-day, (482) 20-day, (467) 50-day, (465) 100-day, (461) 200-day
WHEAT –
May Chicago Wheat (ZWK26) settled at 597 (+7), with a high of 599, low of 579. December ‘26 Wheat (ZWZ26) settled at 640 (+6). Chicago Wheat has a cash price of 590 (+2). May KC Wheat (KEK5) settled at 617 (+13).
Ceasefire talks hit wheat the hardest out of the grains in the overnight session. Wheat was 8 ½ cents. Wheat reversed higher today finishing the day just below 600. If the war continues to escalate wheat may continue to rally. However, if a deal is made fundamentals may start to matter again.
ZWK26 Moving Averages – (595) 5-day, (592) 20-day, (562) 50-day, (552) 100-day, (560) 200-day
ZWZ26 Moving Averages – (638) 5-day, (632) 20-day, (603) 50-day, (593) 100-day, (599) 200-day
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hschmit@walshtrading.com
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