SOYBEANS–
Soybeans started the day lower before reversing higher for the third day in a row. Soybeans seem to be seeing increased buying interest from managed money as are the other grains. There’s some concern that the April meeting between Trump and Xi won’t happen, but soybeans have still show impressive strength. Soybean oil has acted similarly recently, trading lower in the morning and higher as the day goes on. Soybeans may be headed to 1200. However, there’s reason to be cautious, with two USDA reports coming in March and a record crop coming out South America that’s roughly 35% harvested. Safra’s estimates Brazil’s production at 177.2 mmt, while Rabobank estimates production at 181 mmt. The spring crop insurance price, based on February averages is 1109. There’s also a double top forming on the chart, which is a bearish pattern.
May ’26 Soybeans (ZSK26) settled at 1170 (+7), high of 1175, low of 1160. November Soybeans (ZSX26) settled at 1128 (+0.75), high of 1131, low of 1123. Cash price is at 1122 (unchanged)
May Bean Meal (ZMK26) settled at 320.5 (-0.4) high of 322.5, low of 318.7
May Bean Oil (ZLK26)) settled at 61.85 (+0.09) high of 62.43, low of 61.50
Meal to Oil ratio (51.375% Meal – 48.625% Oil)
ZSK26 Moving Averages – (1160) 5-day, (1135) 20-day, (1097) 50-day, (1106) 100-day, (1088) 200-day
ZSX26 Moving Averages – (1124) 5-day, (1107) 20-day, (1087) 50-day, (1091) 100-day, (1076) 200-day
ZMK26 Moving Averages – (318.0) 5-day, (309.1) 20-day, (305.3) 50-day, (310.4) 100-day, (307.2) 200-day
ZLK26 Moving Averages – (60.93) 5-day, (57.99) 20-day, (54.00) 50-day, (52.87) 100-day, (52.62) 200-day
CORN –
May ’26 Corn settled at 448 (+5) (ZCK26) high of 450, low of 442. December ’26 Corn (ZCZ26) settled at 469 (+2). Cash price is 435 (+2)
Corn traded higher today, with help from wheat and soybeans. There was a flash sale of 178k mt for delivery to Japan this morning. Argentina’s corn harvest is just kicking off. Harvest is estimated at 3.6% complete. The spring crop insurance price, based on February averages is 462. Corn is looking very strong technically, trading through the 100-day moving average and right at the 200-day.
ZCK26 Moving Averages – (442) 5-day, (439) 20-day, (441) 50-day, (445) 100-day, (448) 200-day
ZCZ26 Moving Averages – (466) 5-day, (461) 20-day, (459) 50-day, (461) 100-day, (460) 200-day
WHEAT –
May Chicago Wheat (ZWK26) settled at 591 (+17), with a high of 597, low of 573. December ‘26 Wheat (ZWZ26) settled at 626 (+16). Chicago Wheat has a cash price of 568 (+6). May KC Wheat (KEK5) settled at 572 (+21).
Wheat had an impressive move higher today after gaining 11 ¾ cents in the overnight session. Wheat is likely seeing some buying due to geopolitical tensions. Russia attacked a port in Odessa overnight, while Iran talks seems to be going poorly. There’s also been speculation about possible US wheat purchases from China. It was also reported that a mill in Florida bought wheat from Argentina. Parts of the southern plains are dry, but rain is expected next weeks. Despite overwhelmingly bearish fundamentals bullish headlines and fund buying in the other grains have aligned to create a strong rally.
ZWK26 Moving Averages – (576) 5-day, (554) 20-day, (537) 50-day, (542) 100-day, (561) 200-day
ZWZ26 Moving Averages – (613) 5-day, (593) 20-day, (579) 50-day, (583) 100-day, (600) 200-day