SOYBEANS–
Soybeans were down as much as 17 cents today but rallied back closing just a couple cents lower. Meal closed lower today, however the uptrend is still intact, while soybean oil made another big move higher today. There’s a double top pattern on soybeans and two USDA reports coming in March. Soybean acres will be higher because of the rally. Funds are also heavily long in soybeans. And South America has a record crop, roughly 35% harvested. For now, the trend is bullish and two days of strong reversals point towards higher prices. If soybeans fail to make new contract highs soon, it may be time to get short looking for a move back below 1100.
May ’26 Soybeans (ZSK26) settled at 1163 (-2), high of 1172, low of 1145. November Soybeans (ZSX26) settled at 1127 (-0.25), high of 1132, low of 1116. Cash price is at 1122 (+8)
May Bean Meal (ZMK26) settled at 320.9 (-0.9) high of 325.5, low of 318.0
May Bean Oil (ZLK26)) settled at 61.67 (+1.09) high of 61.99, low of 60.11
Meal to Oil ratio (51.375% Meal – 48.625% Oil)
ZSK26 Moving Averages – (1157) 5-day, (1130) 20-day, (1096) 50-day, (1105) 100-day, (1088) 200-day
ZSX26 Moving Averages – (1121) 5-day, (1105) 20-day, (1086) 50-day, (1091) 100-day, (1075) 200-day
ZMK26 Moving Averages – (316.7) 5-day, (308.1) 20-day, (305.1) 50-day, (310.1) 100-day, (307.2) 200-day
ZLK26 Moving Averages – (60.42) 5-day, (57.62) 20-day, (53.78) 50-day, (52.76) 100-day, (52.56) 200-day
CORN –
May ’26 Corn settled at 443 (+1) (ZCK26) high of 445, low of 440. December ’26 Corn (ZCZ26) settled at 467 (unchanged). Cash price is 433 (+5)
Corn was up 1 cent in the overnight session and was up slightly again today. Corn exports fell outside the estimate range at 685k mt for the current marketing year. Sales were expected at 900k on the low end. There was a flash sale today for 178k mt to Japan. Corn is trading close to where it was following the sell-off brought by the January WASDE report. Corn is looking technically strong. It’s now trading above the short-term moving averages and above the 50-day.
ZCK26 Moving Averages – (440) 5-day, (438) 20-day, (441) 50-day, (445) 100-day, (448) 200-day
ZCZ26 Moving Averages – (465) 5-day, (460) 20-day, (459) 50-day, (461) 100-day, (459) 200-day
WHEAT –
May Chicago Wheat (ZWK26) settled at 574 (+4), with a high of 575, low of 567. December ‘26 Wheat (ZWZ26) settled at 610 (+4). Chicago Wheat has a cash price of 562 (-1). May KC Wheat (KEK5) settled at 562 (-2).
Wheat was unchanged in the overnight session but rallied today. Wheat is seeing some weather premium being added due to dry weather in winter wheat areas. Wheat exports continue to do well, despite being more expensive than other origins. Exports on today’s report were 242k mt for the current marketing year, as of February 19. Exports are at 93.3% of the USDA forecast, compared to the 5-year average at 86.5%. Wheat is in a strong uptrend. Price has to close above 583 ½ to make a new high in the May contract.
ZWK26 Moving Averages – (574) 5-day, (552) 20-day, (536) 50-day, (541) 100-day, (560) 200-day
ZWZ26 Moving Averages – (610) 5-day, (591) 20-day, (578) 50-day, (582) 100-day, (600) 200-day
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hschmit@walshtrading.com
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