SOYBEANS–
Soybeans were quiet today after a 9 ¼ gain in the overnight session. Soybeans are being supported by strength in soybean oil, which made new contract highs overnight. The EPA is expected to 2026 biofuel quotas to the White House this week. Yesterday’s export inspections came in at 1.2 mmt at 56.8% of the USDA forecast, compared to the 5-year average at 72%. Exports need to be 651k a week to hit the USDA estimate. Cumulative exports for the 2025/26 marketing year are at a 7-year low at 894.77 mb, -32.4% YoY
May ’26 Soybeans (ZSK26) settled at 1149 (+0.25), high of 1159, low of 1143. November Soybeans (ZSX26) settled at 1116 (-1), high of 1124, low of 1113. Cash price is at 1108 (+1)
May Bean Meal (ZMK26) settled at 303.9 (-1.9) high of 308.5, low of 303.1
May Bean Oil (ZLK26)) settled at 59.08 (+1.32) high of 59.45, low of 57.88
Meal to Oil ratio (51.625% Meal – 48.375% Oil)
ZSK26 Moving Averages – (1147) 5-day, (1107) 20-day, (1090) 50-day, (1099) 100-day, (1085) 200-day
ZSX26 Moving Averages – (1114) 5-day, (1093) 20-day, (1083) 50-day, (1087) 100-day, (1073) 200-day
ZMK26 Moving Averages – (310.7) 5-day, (303.1) 20-day, (304.8) 50-day, (308.8) 100-day, (307.0) 200-day
ZLK26 Moving Averages – (57.94) 5-day, (55.89) 20-day, (52.75) 50-day, (52.20) 100-day, (52.20) 200-day
CORN –
May ’26 Corn settled at 436 (+1) (ZCK26) high of 438, low of 435. December ’26 Corn (ZCZ26) settled at 461 (+1). Cash price is 425 (-5)
It was a slow day for corn after a 1 ½ cent gain in the overnight session. Brazil’s first crop corn is estimated at 22% harvested. Brazil’s second crop corn is estimated at 31% planted. One private market analyst released a new estimate for Brazil’s corn crop -1 mmt to 136 mmt, compared to CONAB at 138.45 mmt. Export inspections yesterday were 1.5 mmt at 44% of the USDA forecast, compared to the 5-year average at 31.5%. The pace needed to hit the USDA estimate is 1.6 mmt. Cumulative exports for the 2025/26 marketing year are at all-time high at 1.4077 bb, +44.3% YoY.
ZCK26 Moving Averages – (438) 5-day, (436) 20-day, (443) 50-day, (446) 100-day, (449) 200-day
ZCZ26 Moving Averages – (461) 5-day, (457) 20-day, (459) 50-day, (460) 100-day, (459) 200-day
WHEAT –
May Chicago Wheat (ZWK26) settled at 552 (+10), with a high of 554, low of 542. December ‘26 Wheat (ZWZ26) settled at 589 (+7). Chicago Wheat has a cash price of 531 (-11). May KC Wheat (KEK5) settled at 561 (+12).
Wheat rallied today after a 6 ¾ cent gain in the overnight session. Wheat is being supported by above-average temperatures. Export inspections were 375k mt at 72.3% of the USDA forecast, compared to the 5-year average at 65.4%. Cumulative exports for the 2025/26 marketing year are at a 6-year high at 650.5 mb, +18.9% YoY. The USDA will have its annual outlook conference on Friday. The USDA will release its first balance sheets for the 2026/27 marketing year then.
ZWK26 Moving Averages – (549) 5-day, (540) 20-day, (532) 50-day, (540) 100-day, (561) 200-day
ZWZ26 Moving Averages – (587) 5-day, (582) 20-day, (574) 50-day, (581) 100-day, (601) 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.