SOYBEANS–
Soybeans continued lower during today’s session after falling 7 1/4 cents in overnight trading. There was a flash sale yesterday to China, but that failed to rally the market with the bearish USDA reports released yesterday morning. Soybeans on farms totaled 1.58 bb, up 2 percent from a year ago. Off-farm stocks were 1.71, up 10 percent. Soybeans in all positions were 3.29 bb, up 6 percent from December 1, 2024. The January WASDE showed no change in yield, however production was raised to 4,262 mb from 4,253 mb. Ending stocks were estimated at 350 mb, at a 60 mb increase from December. Soybeans have support at 1035, while resistance is at 1060.
March Soybeans (ZSH26) settled at 1038 (-10), high of 1052, low of 1037. May ’26 Soybeans (ZSK26) settled at 1052 (-9), high of 1065, low of 1051. Cash price is at 1029 (unchanged)
March Bean Meal (ZMH26) settled at 291.6 (-6.7) high of 298.2, low of 291.1
March Bean Oil (ZLH26)) settled at 51.20 (+0.93) high of 51.60, low of 50.15
Meal to Oil ratio (53.25% Meal – 46.750% Oil)
ZSH26 Moving Averages – (1055) 5-day, (1061) 20-day, (1103) 50-day, (1084) 100-day, (1067) 200-day
ZSHK6 Moving Averages – (1068) 5-day, (1073) 20-day, (1113) 50-day, (1096) 100-day, (1078) 200-day
ZMH26 Moving Averages – (300.5) 5-day, (302.1) 20-day, (313.6) 50-day, (303.7) 100-day, (303.9) 200-day
ZLH26 Moving Averages – (49.98) 5-day, (49.37) 20-day, (50.64) 50-day, (51.27) 100-day, (51.15) 200-day
CORN –
March ’26 Corn settled at 419 (-1) (ZCH26) high of 422, low of 417. May ’26 Corn (ZCH26) settled at 427 (-2). Cash price is 422 (-24)
Corn held up okay today following yesterday’s sell-off and 2 1/2 cent move lower in the overnight session. Open interest was 44k contracts on the move down yesterday. The Grain Stocks report showed off-farms stocks up 4 percent from a year ago to 4.58 bb. On-farm stocks were up 14 percent from last year to 8.70 bb, while corn in all positions was up 10 percent to 13.3 bb. There’s a lot of corn out there, but the break in price may give exports an additional boost. The December WASDE showed a increase in yield by .5 bushel to 186.5 bpa. Production was also increased from 16,752 bb in December to 17,021 bb. Ending stocks were 2,227, compared t0 2,029 on the December report. Exports were unchanged and beginning stocks were revised higher. Corn is holding support at 420 in the March contract. Resistance for March corn is 425.
ZCH26 Moving Averages – (436) 5-day, (441) 20-day, (443) 50-day, (440) 100-day, (444) 200-day
ZCK26 Moving Averages – (440) 5-day, (449) 20-day, (451) 50-day, (448) 100-day, (453) 200-day
WHEAT –
March Chicago Wheat (ZWH26) settled at 510 (-0.75), with a high of 513, low of 507. May ‘26 Wheat (ZWK26) settled at 521 (-1). Chicago Wheat has a cash price of 510 (-6). March KC Wheat (KEH5) settled at 519 (-7).
Wheat was down 3 1/2 cents in the overnight session, but price held up today similar to corn. The December WASDE came out bearish for wheat. Exports for domestic wheat were lowered to 2,033 mb. Ending stocks showed 926 mb, compared to 901 mb. World ending stocks were raised from the December report at 274.87 mmt to 278.25 mmt. The Grain Stocks report showed on-farm wheat stocks down 4 percent from last year at 446 mb. Off-farm stocks were up 11 percent to 1.23 bb. Wheat in all positions was up 7 percent to 1.68 bb. Wheat may be seeing some support from dry weather in the plains, however fundamentally the story remains the same. The latest COT data shows funds short 107k wheat contracts.
ZWH26 Moving Averages – (515) 5-day, (513) 20-day, (531) 50-day, (533) 100-day, (560) 200-day
ZWK26 Moving Averages – (526) 5-day, (524) 20-day, (541) 50-day, (543) 100-day, (571) 200-day
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Hans Schmit
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hschmit@walshtrading.com
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