SOYBEANS–
There was some profit taking in soybeans today. Soybean oil was also lower today, while meal continues to rally. CONAB estimates Brazil’s production at 177.98 mt. Weekly export sales for beans came in at 281k yesterday, which was below the trade estimate. Crop conditions in South America are deteriorating, with Argentina bad ratings increasing 7% to 32%.
March Soybeans (ZSH26) settled at 1133 (-4), high of 1139, low of 1122. May ’26 Soybeans (ZSK26) settled at 1148 (-3), high of 1155, low of 1137. Cash price is at 1111 (+13)
March Bean Meal (ZMH26) settled at 309.2 (+1.3) high of 310.7, low of 304.2
March Bean Oil (ZLH26)) settled at 57.08 (-0.46) high of 57.66, low of 56.62
Meal to Oil ratio (52.00% Meal – 48.00% Oil)
ZSH26 Moving Averages – (1125) 5-day, (1086) 20-day, (1078) 50-day, (1086) 100-day, (1072) 200-day
ZSHK6 Moving Averages – (1140) 5-day, (1099) 20-day, (1090) 50-day, (1098) 100-day, (1084) 200-day
ZMH26 Moving Averages – (303.7) 5-day, (297.6) 20-day, (301.2) 50-day, (303.9) 100-day, (302.6) 200-day
ZLH26 Moving Averages – (57.13) 5-day, (54.85) 20-day, (52.04) 50-day, (51.67) 100-day, (51.96) 200-day
CORN –
March ’26 Corn settled at 431 (+0.50) (ZCH26) high of 432, low of 429. May ’26 Corn (ZCH26) settled at 442 (+0.25). Cash price is 430 (+3)
The corn market continues to be quiet. There has been some talk of China being interested in US corn, as prices in China are increasing and quality is poor. China has already bought US beans and wheat. Corn exports were strong on yesterday’s report. An unknown buyer continues to buy corn at a steady pace. There was another sale to unknown on Wednesday.
ZCH26 Moving Averages – (429) 5-day, (428) 20-day, (435) 50-day, (438) 100-day, (440) 200-day
ZCK26 Moving Averages – (438) 5-day, (436) 20-day, (443) 50-day, (446) 100-day, (449) 200-day
WHEAT –
March Chicago Wheat (ZWH26) settled at 548 (-3), with a high of 553, low of 545. May ‘26 Wheat (ZWK26) settled at 548 (-10). Chicago Wheat has a cash price of 546 (+15). March KC Wheat (KEH5) settled at 542 (-11).
There was some profit taking in wheat after the rally yesterday. Prices were down 4 ¾ cents in the overnight session. Prices made a 3 ½ month high yesterday. French SRW conditions are at 3-year high, at 91% good/excellent. Rain is expected next week in the plains. There are a lot shorts left in wheat, maybe wheat can see more short covering next week.
ZWH26 Moving Averages – (539) 5-day, (529) 20-day, (523) 50-day, (530) 100-day, (551) 200-day
ZWK26 Moving Averages – (545) 5-day, (538) 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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