SOYBEANS–
The grains have continued to trade higher, especially in the overnight session. Soybeans were up 9 ¾ cents overnight. There was some profit-taking going on during today’s session. Brazil’s harvest is estimated at halfway complete. CONAB estimates Brazil’s soybean crop at 177.84 mmt, which is a 0.1% drop from last month. Brazil’s soybean production was 171.48 mmt in 2025. Soybean oil closed higher after starting the day lower.
May ’26 Soybeans (ZSK26) settled at 1225 (-2), high of 1229, low of 1209. November Soybeans (ZSX26) settled at 1161 (-6), high of 1167, low of 1154. Cash price is at 1181 (-1)
May Bean Meal (ZMK26) settled at 322.7 (+2.5) high of 323.1, low of 315.1
May Bean Oil (ZLK26)) settled at 67.44 (+0.02) high of 67.85, low of 66.72
Meal to Oil ratio (48.9% Meal – 51.1% Oil)
ZSK26 Moving Averages – (1212) 5-day, (1175) 20-day, (1121) 50-day, (1120) 100-day, (1094) 200-day
ZSX26 Moving Averages – (1158) 5-day, (1133) 20-day, (1101) 50-day, (1100) 100-day, (1081) 200-day
ZMK26 Moving Averages – (317.3) 5-day, (314.8) 20-day, (306.8) 50-day, (312.7) 100-day, (307.2) 200-day
ZLK26 Moving Averages – (66.75) 5-day, (62.68) 20-day, (57.20) 50-day, (54.25) 100-day, (53.39) 200-day
CORN –
May ’26 Corn settled at 467 (+4) (ZCK26) high of 467, low of 458. December ’26 Corn (ZCZ26) settled at 491 (+1). Cash price is 455 (-1)
CONAB estimates Brazil’s corn production at 138.27 mmt, which is a 0.1% decrease from last month’s estimate. Brazil plans to increase its ethanol use, in addition to exporting a significant amount. The rains this week improved the drought rating to 46% under drought, compared to 55% this time last year. Open interest has been rising on the way up, which may be a sign of new long positions being initiated. Acreage is expected to shift from corn acres to beans.
ZCK26 Moving Averages – (459) 5-day, (447) 20-day, (442) 50-day, (447) 100-day, (447) 200-day
ZCZ26 Moving Averages – (486) 5-day, (472) 20-day, (462) 50-day, (463) 100-day, (460) 200-day
WHEAT –
May Chicago Wheat (ZWK26) settled at 613 (+15), with a high of 614, low of 594. December ‘26 Wheat (ZWZ26) settled at 653 (+14). Chicago Wheat has a cash price of 598 (+5). May KC Wheat (KEK5) settled at 630 (+16).
May wheat traded close to unchanged in the overnight session but had a nice rally today. Dryness in the Black Sea should be supportive for wheat going forward. Wheat is showing technical strength on the daily, weekly, and monthly charts. Wheat exports are at 96% of the USDA forecast. May wheat has resistance at 625 and support at 590.
ZWK26 Moving Averages – (600) 5-day, (579) 20-day, (551) 50-day, (548) 100-day, (560) 200-day
ZWZ26 Moving Averages – (641) 5-day, (617) 20-day, (592) 50-day, (588) 100-day, (600) 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.