SOYBEANS–
Soybeans traded lower today after a 3 cent gain in the overnight session. The grains continue to trade higher in the overnight session as a whole. Significant soybean purchases from China seem unlikely now in the near-term, after Trump pushed the meeting back a month and a half. Funds still hold a large net long position in beans.
May ’26 Soybeans (ZSK26) settled at 1161 (-7), high of 1176, low of 1159. November Soybeans (ZSX26) settled at 1141 (-5), high of 1152, low of 1138. Cash price is at 1135 (+7)
May Bean Meal (ZMK26) settled at 328.0 (-4.5) high of 335.1, low of 324.1
May Bean Oil (ZLK26)) settled at 65.51 (+0.10) high of 66.50, low of 65.02
Meal to Oil ratio (50.425% Meal – 49.575% Oil)
ZSK26 Moving Averages – (1160) 5-day, (1177) 20-day, (1130) 50-day, (1124) 100-day, (1097) 200-day
ZSX26 Moving Averages – (1136) 5-day, (1138) 20-day, (1107) 50-day, (1103) 100-day, (1083) 200-day
ZMK26 Moving Averages – (321.2) 5-day, (317.3) 20-day, (308.5) 50-day, (313.8) 100-day, (307.4) 200-day
ZLK26 Moving Averages – (65.27) 5-day, (64.31) 20-day, (58.75) 50-day, (54.93) 100-day, (53.82) 200-day
CORN –
May ’26 Corn settled at 465 (-4) (ZCK26) high of 469, low of 464. December ’26 Corn (ZCZ26) settled at 490 (-3). Cash price is 465 (+6)
Corn was slightly lower on the day after trading 3 ¼ cent drop in the overnight session. Corn will likely continue to be strong going forward. China is rumored to have interest in US corn. Acreage is expected to switch to soybeans. In addition, the corn and wheat markets are seeing fund buying on inflation fears and wartime food supply reveres.
ZCK26 Moving Averages – (461) 5-day, (453) 20-day, (443) 50-day, (447) 100-day, (447) 200-day
ZCZ26 Moving Averages – (487) 5-day, (478) 20-day, (465) 50-day, (465) 100-day, (461) 200-day
WHEAT –
May Chicago Wheat (ZWK26) settled at 595 (-12), with a high of 609, low of 594. December ‘26 Wheat (ZWZ26) settled at 637 (-12). Chicago Wheat has a cash price of 608 (+3). May KC Wheat (KEK5) settled at 606 (-21).
Wheat had some profit taking to end the week. Fundamentals remain bearish, however dry weather and inflation fears have driven up price. If the strength in crude continues wheat may be able to keep moving higher. SovEcon did raise their forecast for the ‘26 Russian wheat crop 1.7 mmt to 87.6 mmt.
ZWK26 Moving Averages – (598) 5-day, (589) 20-day, (559) 50-day, (551) 100-day, (560) 200-day
ZWZ26 Moving Averages – (640) 5-day, (629) 20-day, (600) 50-day, (591) 100-day, (600) 200-day
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hschmit@walshtrading.com
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