SOYBEANS–
Soybeans traded higher again today following a 7 cent gain in the overnight session. Soybeans are being supported by strength in soybean oil. The US-India trade deal was announced yesterday. Soybean oil stocks for December were 2.179 bp, compared to 2.164 bp in November. The average for soybean oil stocks is 2.079 bp in December. Soybeans may move lower with dollar the moving off its low and a series of higher production estimates for South America from Celeres and StoneX. Soybean exports are still down 35.7% compared to last year, even with China back in the export market. However, funds added to their long position, now holding a 17k contract net long. Soybeans are trading below the 50-day moving average after the break in price last week.
March Soybeans (ZSH26) settled at 1065 (+4), high of 1071, low of 1060. May ’26 Soybeans (ZSK26) settled at 1077 (+4), high of 1083, low of 1072. Cash price is at 1033 (-4)
March Bean Meal (ZMH26) settled at 291.9 (-1.8) high of 294.7, low of 296.1
March Bean Oil (ZLH26)) settled at 54.49 (+1.29) high of 54.78, low of 53.35
Meal to Oil ratio (52.275% Meal – 47.725% Oil)
ZSH26 Moving Averages – (1067) 5-day, (1060) 20-day, (1081) 50-day, (1082) 100-day, (1069) 200-day
ZSHK6 Moving Averages – (1080) 5-day, (1072) 20-day, (1092) 50-day, (1094) 100-day, (1080) 200-day
ZMH26 Moving Averages – (294.8) 5-day, (295.7) 20-day, (304.4) 50-day, (303.2) 100-day, (302.8) 200-day
ZLH26 Moving Averages – (53.91) 5-day, (52.40) 20-day, (51.29) 50-day, (51.33) 100-day, (51.64) 200-day
CORN –
March ’26 Corn settled at 428 (+2) (ZCH26) high of 429, low of 425. May ’26 Corn (ZCH26) settled at 435 (+2). Cash price is 427 (unchanged)
Corn moved higher with beans today after a 1 ¼ cent gain in the overnight session. Corn has very strong support at 420 and below due to high export demand. Exports year-to-date are nearly 50% ahead of last year. Higher crude oil prices are also supporting corn. However, more consolidation is likely ahead due to the broken chart following the January WASDE report. More time is needed to get a reading on South America’s crop, however StoneX did raise its Brazil fist crop corn estimate to 26.59 mmt from 25.98 mmt previosuly. They estimate Brazil’s second crop corn at 106.37 mmt, compared to 105.82 previously.
ZCH26 Moving Averages – (428) 5-day, (429) 20-day, (437) 50-day, (439) 100-day, (441) 200-day
ZCK26 Moving Averages – (436) 5-day, (437) 20-day, (445) 50-day, (447) 100-day, (451) 200-day
WHEAT –
March Chicago Wheat (ZWH26) settled at 528 (+1), with a high of 531, low of 525. May ‘26 Wheat (ZWK26) settled at 537 (+1). Chicago Wheat has a cash price of 521 (-7). March KC Wheat (KEH5) settled at 534 (-0.50).
Despite backing off its high wheat is still holding up okay. Wheat was slightly higher today and in the overnight session. Friday’s COT showed funds net short position now under 100k contracts after buying nearly 16k contracts. Crop conditions have dropped significantly in the plains. Kansas good/excellent rating is at 61%. Temperatures in the plains are largely warmer than usual, while Russia’s wheat is facing extreme cold temperatures. Exports are 18% above this time last year. Russian export prices are higher for the third week in a row, and their export tax remains at 0%. Isreal is considering a 50% import tariff on Black Sea wheat, which could increase pressure on Russian suppliers if imposed.
ZWH26 Moving Averages – (534) 5-day, (520) 20-day, (523) 50-day, (530) 100-day, (554) 200-day
ZWK26 Moving Averages – (543) 5-day, (530) 20-day, (533) 50-day, (540) 100-day, (565) 200-day
If you’re ready to start trading, click the link below to open an account with Walsh Trading, Inc.
Hans Schmit
Broker, Pure Hedge Division
312-765-7311
hschmit@walshtrading.com
Walsh Trading, Inc. is registered as a Guaranteed Introducing Broker with the Commodity Futures Trading Commission and an NFA Member.
Futures and options trading involves substantial risk and is not suitable for all investors. Therefore, individuals should carefully consider their financial condition in deciding whether to trade. Option traders should be aware that the exercise of a long option will result in a futures position. The valuation of futures and options may fluctuate, and as a result, clients may lose more than their original investment. The information contained on this site is the opinion of the writer or was obtained from sources cited within the commentary. The impact on market prices due to seasonal or market cycles and current news events may already be reflected in market prices. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. All information, communications, publications, and reports, including this specific material, used and distributed by Walsh Trading, Inc. (“WTI”) shall be construed as a solicitation for entering into a derivatives transaction. WTI does not distribute research reports, employ research analysts, or maintain a research department as defined in CFTC Regulation 1.71.