SOYBEANS–
Soybeans were higher to end the week following a 3 cent gain in the overnight session. Argentina’s soybean conditions are at 61% good/excellent, down 4 points. The Pampas region is seeing the most dryness and crop stress. Planting in Argentina is estimated at 94% complete. Brazil’s beans are estimated at a new record 182.2 mmt. There were no flash sales this morning for soybeans, but China looks to holding up their end of the deal on the 12 mmt purchase by February. Soybeans have strong resistance at 1060, while support is at 1030.
March Soybeans (ZSH26) settled at 1057 (+4), high of 1059, low of 1047. May ’26 Soybeans (ZSK26) settled at 1068 (+4), high of 1070, low of 1059. Cash price is at 1021 (+12)
March Bean Meal (ZMH26) settled at 290.0 (+0.8) high of 290.5, low of 288.4
March Bean Oil (ZLH26)) settled at 52.61 (-0.36) high of 53.48, low of 52.24
Meal to Oil ratio (52.425% Meal – 47.575% Oil)
ZSH26 Moving Averages – (1047) 5-day, (1058) 20-day, (1098) 50-day, (1083) 100-day, (1067) 200-day
ZSHK6 Moving Averages – (1060) 5-day, (1070) 20-day, (1108) 50-day, (1095) 100-day, (1078) 200-day
ZMH26 Moving Averages – (292.2) 5-day, (300.0) 20-day, (311.5) 50-day, (303.4) 100-day, (303.6) 200-day
ZLH26 Moving Averages – (51.59) 5-day, (49.80) 20-day, (50.75) 50-day, (51.19) 100-day, (51.24) 200-day
CORN –
March ’26 Corn settled at 424 (+4) (ZCH26) high of 427, low of 420. May ’26 Corn (ZCH26) settled at 432 (+4). Cash price is 421 (-1)
Corn bounced off support today following a quiet overnight session. Flash sales this morning showed 120k mt to Japan, in addition to 298k to unknown. It’s reasonable to assume that unknown could be China. Corn conditions in Argentina were down 11 points to 64% good/excellent. Corn may continue to rally because of the decent sized fund short position. Weather in in SA may spark a short covering rally, and exports will likely continue to stay strong. The wheat rally also helped corn go up.
ZCH26 Moving Averages – (421) 5-day, (439) 20-day, (442) 50-day, (440) 100-day, (444) 200-day
ZCK26 Moving Averages – (429) 5-day, (446) 20-day, (450) 50-day, (448) 100-day, (453) 200-day
WHEAT –
March Chicago Wheat (ZWH26) settled at 510 (-2), with a high of 517, low of 509. May ‘26 Wheat (ZWK26) settled at 521 (-2). Chicago Wheat has a cash price of 503 (-2). March KC Wheat (KEH5) settled at 527 (+7).
Wheat saw some short covering today after gaining 4 3/4 cents in the overnight session. Funds have a large short position at over 100k contracts. They likely decided to close those positions heading into the long weekend given the drought rating at 41% for winter wheat and the overall dryness in the plains. Funds getting out of potentially risky positions today is similar to what happened in cattle, in my opinion. Wheat was able to move higher despite higher production estimates in Canada and Argentina.
ZWH26 Moving Averages – (512) 5-day, (513) 20-day, (529) 50-day, (532) 100-day, (558) 200-day
ZWK26 Moving Averages – (523) 5-day, (524) 20-day, (539) 50-day, (542) 100-day, (569) 200-day
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