SOYBEANS–
Soybeans were up 5 in the overnight session and continued higher today. There two flash sales for soybeans yesterday morning and one this morning to China. The changes in open interest the past couple days likely indicate some profit taking from some short positions in beans. The chart still has some work to do to see a rally after the break following the USDA numbers. Ending stocks for January were 350 mb, compared to 290 mb in December. The USDA lowered their export estimate, despite China holding up their agreement to buy 12 mmt by February. Argentina is still dry in the south, while Brazil’s weather is mostly favorable. Resistance for soybeans is 1060, while support is at 1035.
March Soybeans (ZSH26) settled at 1042 (+3), high of 1049, low of 1039. May ’26 Soybeans (ZSK26) settled at 1055 (+3), high of 1061, low of 1052. Cash price is at 1006 (-23)
March Bean Meal (ZMH26) settled at 291.3 (+0.375) high of 298.2, low of 291.1
March Bean Oil (ZLH26)) settled at 50.98 (-0.22) high of 51.82, low of 50.83
Meal to Oil ratio (53.375% Meal – 46.625% Oil)
ZSH26 Moving Averages – (1050) 5-day, (1059) 20-day, (1101) 50-day, (1083) 100-day, (1067) 200-day
ZSHK6 Moving Averages – (1063) 5-day, (1071) 20-day, (1112) 50-day, (1095) 100-day, (1078) 200-day
ZMH26 Moving Averages – (297.8) 5-day, (301.4) 20-day, (312.9) 50-day, (303.6) 100-day, (303.8) 200-day
ZLH26 Moving Averages – (50.32) 5-day, (49.42) 20-day, (50.66) 50-day, (51.24) 100-day, (51.18) 200-day
CORN –
March ’26 Corn settled at 422 (+2) (ZCH26) high of 425, low of 419. May ’26 Corn (ZCH26) settled at 429 (+2). Cash price is 420 (-1)
Corn was higher on the day today and is holding up well despite the bearish WASDE report. There was a flash sale this morning for 136k mt to South Korea. Corn has very strong support between 415-420 because of the favorable exports recently. If corn falls from here, South Korea and other buyers likely continue to step in. The December WASDE showed production increasing to 17,021 bb from 16,752 previously. China’s corn production is at a record higher. And French ending stocks were estimated higher to 21.6 mmt but 1.4% below last year.
ZCH26 Moving Averages – (431) 5-day, (440) 20-day, (443) 50-day, (440) 100-day, (444) 200-day
ZCK26 Moving Averages – (439) 5-day, (448) 20-day, (451) 50-day, (448) 100-day, (453) 200-day
WHEAT –
March Chicago Wheat (ZWH26) settled at 512 (+2), with a high of 514, low of 508. May ‘26 Wheat (ZWK26) settled at 523 (+2). Chicago Wheat has a cash price of 503 (-0.75). March KC Wheat (KEH5) settled at 533 (+2).
Wheat was higher on the day today with corn. Wheat was also up slightly in the overnight session. Wheat fundamentals are still bearish, with the December WASDE showing a 25 mb increasing in ending stocks and lower exports. The Grain Stocks report showed wheat in all positions up 7 percent from a year ago to 1.68 bb. World ending stocks were also increased from 274.87 mmt in December to 278.25 mmt. Wheat has resistance at 520, while support is at 508.
ZWH26 Moving Averages – (513) 5-day, (512) 20-day, (531) 50-day, (533) 100-day, (559) 200-day
ZWK26 Moving Averages – (525) 5-day, (523) 20-day, (540) 50-day, (543) 100-day, (570) 200-day
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