SOYBEANS–
Soybeans started to break in the overnight session, falling 5 ¾ cents. Soybeans continued lower during today’s session. Soybean oil rallied hard again today. Soybean oil can reach 66-68 cents, or even 80 cents depending on conditions. Now may be the time to long August soybeans against August meal, which is a synthetically long soybean oil trade. Buying the September-December oil spread is also attractive. The big crop from Brazil has many market analysts expecting a break in soybeans but strength in soybean oil may prevent that.
May ’26 Soybeans (ZSK26) settled at 1164 (-6), high of 1185, low of 1157. November Soybeans (ZSX26) settled at 1128 (+0.50), high of 1136, low of 1123. Cash price is at 1132 (+10)
May Bean Meal (ZMK26) settled at 312.9 (-7.6) high of 320.6, low of 311.9
May Bean Oil (ZLK26)) settled at 62.74 (+0.89) high of 64.28, low of 62.54
Meal to Oil ratio (49.925% Meal – 50.075% Oil)
ZSK26 Moving Averages – (1163) 5-day, (1139) 20-day, (1099) 50-day, (1107) 100-day, (1089) 200-day
ZSX26 Moving Averages – (1126) 5-day, (1109) 20-day, (1087) 50-day, (1092) 100-day, (1076) 200-day
ZMK26 Moving Averages – (318.1) 5-day, (309.8) 20-day, (305.4) 50-day, (310.6) 100-day, (307.2) 200-day
ZLK26 Moving Averages – (61.50) 5-day, (58.42) 20-day, (54.27) 50-day, (52.98) 100-day, (52.68) 200-day
CORN –
May ’26 Corn settled at 445 (-2) (ZCK26) high of 452, low of 443. December ’26 Corn (ZCZ26) settled at 470 (+0.50). Cash price is 441 (+5)
Corn made a new 6-week high overnight, but prices fell lower today. The Iran conflict and higher crude prices failed to rally the grains today. There was a flash sale on Friday to an unknown country, and there’s speculation that it could be China. Resistance for May corn is at 453. Strong exports should keep the downside limited for corn.
ZCK26 Moving Averages – (443) 5-day, (439) 20-day, (441) 50-day, (445) 100-day, (448) 200-day
ZCZ26 Moving Averages – (467) 5-day, (462) 20-day, (459) 50-day, (461) 100-day, (460) 200-day
WHEAT –
May Chicago Wheat (ZWK26) settled at 577 (-14), with a high of 603, low of 574. December ‘26 Wheat (ZWZ26) settled at 615 (-11). Chicago Wheat has a cash price of 589 (+21). May KC Wheat (KEK5) settled at 567 (-5).
Wheat had a quiet session in the overnight session, but there was some profit-taking happening today. Wheat was not able to see any boost from Iran today. A stronger dollar is weighing on wheat. Wheat clearly has bullish momentum based on the chart and fund positioning. A lasting war in Iran could help wheat prices stay elevated. 8.4% of Kansas is suffering from drought, up from 4.2% last week. 91% of Oklahoma is also under drought, compared to 33% three months ago.
ZWK26 Moving Averages – (577) 5-day, (556) 20-day, (538) 50-day, (542) 100-day, (560) 200-day
ZWZ26 Moving Averages – (614) 5-day, (595) 20-day, (581) 50-day, (583) 100-day, (600) 200-day
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Hans Schmit
Broker, Pure Hedge Division
312-765-7311
hschmit@walshtrading.com
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