SOYBEANS–
Soybeans rallied again today, after a 14 ¼ cent gain in the overnight session. Soybean oil also continues to trade higher. Soybean oil was breaking during the day today but ended the day higher. If there’s profit taking in soybean oil that may be when soybeans start to correct as well. Soybean meal has also rallied hard with soybeans and oil, now close to testing resistance at 310. CONAB’s estimate for Brazil’s production came out lower than the average trade estimate and the USDA estimate. CONAB estimates Brazil’s production at 177.98 mt. Weekly export sales for beans came in at 283k, which was below the trade estimate.
March Soybeans (ZSH26) settled at 1136 (+13), high of 1141, low of 1128. May ’26 Soybeans (ZSK26) settled at 1152 (+12), high of 1156, low of 1143. Cash price is at 1098 (+2)
March Bean Meal (ZMH26) settled at 307.9 (+4.9) high of 309.8, low of 302.9
March Bean Oil (ZLH26)) settled at 57.54 (+0.49) high of 57.96, low of 56.84
Meal to Oil ratio (51.325% Meal – 48.675% Oil)
ZSH26 Moving Averages – (1122) 5-day, (1082) 20-day, (1078) 50-day, (1085) 100-day, (1072) 200-day
ZSHK6 Moving Averages – (1136) 5-day, (1094) 20-day, (1090) 50-day, (1097) 100-day, (1083) 200-day
ZMH26 Moving Averages – (302.6) 5-day, (296.6) 20-day, (301.3) 50-day, (303.7) 100-day, (302.6) 200-day
ZLH26 Moving Averages – (56.78) 5-day, (54.65) 20-day, (51.96) 50-day, (51.60) 100-day, (51.91) 200-day
CORN –
March ’26 Corn settled at 431 (+3) (ZCH26) high of 431, low of 427. May ’26 Corn (ZCH26) settled at 441 (+5). Cash price is 426 (-1)
Corn had help today from strength in the other grains, in addition to a strong export report. Corn exports came in above the estimate, totaling 2.12 mt. Corn exports are now at 74.8% of the USDA forecast, compared to the 5-year average at 69.2%. The next resistance for March corn is 435. Brazil’s corn production was also estimated lower by CONAB at 138.45 mt, compared to the average guess at 140.1 mt. Last month, CONAB estimated Brazil corn production at 138.87 mt.
ZCH26 Moving Averages – (429) 5-day, (427) 20-day, (436) 50-day, (438) 100-day, (440) 200-day
ZCK26 Moving Averages – (438) 5-day, (435) 20-day, (444) 50-day, (446) 100-day, (449) 200-day
WHEAT –
March Chicago Wheat (ZWH26) settled at 552 (+15), with a high of 553, low of 536. May ‘26 Wheat (ZWK26) settled at 558 (+13). Chicago Wheat has a cash price of 531 (+9). March KC Wheat (KEH5) settled at 554 (+15).
Wheat was up 2 cents in the overnight session and continued higher today. Wheat was supported by extreme cold in Russia that is bringing crop stress due to the lack of snow cover. In addition to some weather premium being added, wheat export sales were very solid. Exports came in at 501k mt. Wheat exports are now at 91.1% of the USDA forecast versus the 5-year average at 83.7%.
ZWH26 Moving Averages – (535) 5-day, (527) 20-day, (522) 50-day, (529) 100-day, (551) 200-day
ZWK26 Moving Averages – (543) 5-day, (536) 20-day, (532) 50-day, (540) 100-day, (562) 200-day
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Hans Schmit
Broker, Pure Hedge Division
312-765-7311
hschmit@walshtrading.com
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