SOYBEANS–
Soybeans traded 4 ¾ cents higher in the overnight session but gave up those gains today. Flash sales and dry weather in South America supported soybeans last week. Conditions in Argentina dropped 8 points last week. Despite the dry conditions the production forecast for Brazil was raised to 181 mmt, from 180.4 mmt previously. March soybeans are up against resistance now and may be headed lower again. Soybean meal traded lower today after seeing strong gains last week. Soybean oil continued its move higher today.
March Soybeans (ZSH26) settled at 1061 (-6), high of 1076, low of 1059. May ’26 Soybeans (ZSK26) settled at 1074 (-5), high of 1087, low of 1072. Cash price is at 1037 (+5)
March Bean Meal (ZMH26) settled at 294.3 (-5.6) high of 302.3, low of 293.7
March Bean Oil (ZLH26)) settled at 53.89 (-0.10) high of 54.71, low of 53.78
Meal to Oil ratio (52.625% Meal – 47.375% Oil)
ZSH26 Moving Averages – (1062) 5-day, (1057) 20-day, (1091) 50-day, (1082) 100-day, (1068) 200-day
ZSHK6 Moving Averages – (1073) 5-day, (1069) 20-day, (1102) 50-day, (1094) 100-day, (1079) 200-day
ZMH26 Moving Averages – (294.7) 5-day, (297.7) 20-day, (308.7) 50-day, (303.2) 100-day, (303.3) 200-day
ZLH26 Moving Averages – (53.65) 5-day, (50.99) 20-day, (51.02) 50-day, (51.21) 100-day, (51.42) 200-day
CORN –
March ’26 Corn settled at 428 (-2) (ZCH26) high of 431, low of 427. May ’26 Corn (ZCH26) settled at 436 (-2). Cash price is 432 (+8)
Corn was lower again today after falling 1 ¾ cents in the overnight session. If China is the unknown buyer in the flash sales and the weekly export report that could be a reason to buy corn here. It may take some time to work higher after the sell-off following the January WASDE report. 430 is likely going to be a strong level of resistance in the near-term, however corn did rally through the previous resistance at 425 without much difficulty. Brazil’s production estimate was raised by AgRural by 6.6 mmt to 136.6 mmt.
ZCH26 Moving Averages – (425) 5-day, (433) 20-day, (440) 50-day, (439) 100-day, (443) 200-day
ZCK26 Moving Averages – (433) 5-day, (441) 20-day, (448) 50-day, (448) 100-day, (452) 200-day
WHEAT –
March Chicago Wheat (ZWH26) settled at 522 (-7), with a high of 533, low of 521. May ‘26 Wheat (ZWK26) settled at 532 (-6). Chicago Wheat has a cash price of 521 (+14). March KC Wheat (KEH5) settled at 529 (-11).
Wheat was lower today after a strong week last week. It came as no surprise that wheat couldn’t hold it gains as that has been the pattern recently. Prices hit a 6-week high last week. Funds added to their short position on the last COT report. The plains are expected to continue to being dry, but it may not be enough to trigger short covering.
ZWH26 Moving Averages – (517) 5-day, (514) 20-day, (525) 50-day, (530) 100-day, (556) 200-day
ZWK26 Moving Averages – (527) 5-day, (525) 20-day, (535) 50-day, (541) 100-day, (567) 200-day
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Hans Schmit
Broker, Pure Hedge Division
312-765-7311
hschmit@walshtrading.com
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