SOYBEANS–
Soybeans had big move higher today after a 10 ¼ cent gain in the overnight session. Beans are likely seeing a bounce from weakness in the dollar, which is at a 4-month low. A weaker dollar should keep US exports competitive ahead of Brazil’s new crop coming to the market. The market is also being supported from dryness and extreme heat in Argentina. Brazil exports were lower at 3.23 mt in January, compared to the 3.8 mmt forecast last year. Soybeans traded above 1070 today, but I still think soybeans should head lower from here. The oil share has jumped 3% recently. Soybean oil should continue be strong.
March Soybeans (ZSH26) settled at 1075 (+7), high of 1084, low of 1067. May ’26 Soybeans (ZSK26) settled at 1087 (+8), high of 1096, low of 1079. Cash price is at 1038 (+7)
March Bean Meal (ZMH26) settled at 297.8 (+3.8) high of 299.8, low of 293.5
March Bean Oil (ZLH26)) settled at 54.31 (-0.10) high of 54.95, low of 54.04
Meal to Oil ratio (52.3% Meal – 47.700% Oil)
ZSH26 Moving Averages – (1067) 5-day, (1058) 20-day, (1088) 50-day, (1082) 100-day, (1069) 200-day
ZSHK6 Moving Averages – (1079) 5-day, (1070) 20-day, (1098) 50-day, (1094) 100-day, (1080) 200-day
ZMH26 Moving Averages – (296.4) 5-day, (296.8) 20-day, (307.3) 50-day, (303.3) 100-day, (303.2) 200-day
ZLH26 Moving Averages – (54.02) 5-day, (51.25) 20-day, (51.08) 50-day, (51.22) 100-day, (51.46) 200-day
CORN –
March ’26 Corn settled at 430 (+3) (ZCH26) high of 433, low of 426. May ’26 Corn (ZCH26) settled at 438 (+3). Cash price is 425 (-4)
Corn was higher today after a 3 ¼ cent gain in the overnight session. There was a flash sale this morning for 110k mt to unknown. Unknown is back in the market. There is speculation that the unknown buyer is China, which could bring corn back up to the 450 area that corn was trading at prior to the January WASDE report. President Trump’s comments in Iowa yesterday renewed hope for year-round E-15 sales. The weakness in the dollar should be supportive of exports going forward.
ZCH26 Moving Averages – (427) 5-day, (431) 20-day, (439) 50-day, (439) 100-day, (442) 200-day
ZCK26 Moving Averages – (435) 5-day, (439) 20-day, (447) 50-day, (448) 100-day, (451) 200-day
WHEAT –
March Chicago Wheat (ZWH26) settled at 536 (+12), with a high of 541, low of 523. May ‘26 Wheat (ZWK26) settled at 544 (+11). Chicago Wheat has a cash price of 514 (+0.75). March KC Wheat (KEH5) settled at 542 (+9).
Wheat had a nice rally today, and there was likely some fund short covering happening. Wheat was up 6 ¼ cents in the overnight session. Wheat exports are already better than last year, and the dollar weakness should provide an additional boost. Drought in the plains and limited rain in the extended forecast is also providing support. We’ll see if wheat can keep its gain this time around. The entire grain complex is seeing some buying given the weakness in the dollar. Wheat closed above the 50-day moving average today.
ZWH26 Moving Averages – (525) 5-day, (515) 20-day, (524) 50-day, (530) 100-day, (555) 200-day
ZWK26 Moving Averages – (535) 5-day, (526) 20-day, (534) 50-day, (541) 100-day, (566) 200-day
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