SOYBEANS–
Soybeans were up 5 ¾ cents in the overnight session but closed lower during today’s session. The dollar and dry weather are supporting the bean market for now. Support for soybeans is at 1062. If soybeans trade below that level, then beans could trade much lower. Even with some weather concerns there will likely still be huge crops coming out of South America. Today’s export report showed sales of 818k mt, which was inside the range of estimates.
March Soybeans (ZSH26) settled at 1072 (-2), high of 1085, low of 1069. May ’26 Soybeans (ZSK26) settled at 1085 (-2), high of 1098, low of 1082. Cash price is at 1048 (+10)
March Bean Meal (ZMH26) settled at 296.0 (-1.8) high of 300.7, low of 295.3
March Bean Oil (ZLH26)) settled at 54.03 (-0.28) high of 54.83, low of 53.56
Meal to Oil ratio (52.275% Meal – 47.725% Oil)
ZSH26 Moving Averages – (1068) 5-day, (1058) 20-day, (1086) 50-day, (1082) 100-day, (1069) 200-day
ZSHK6 Moving Averages – (1081) 5-day, (1070) 20-day, (1097) 50-day, (1094) 100-day, (1080) 200-day
ZMH26 Moving Averages – (296.4) 5-day, (296.5) 20-day, (306.7) 50-day, (303.3) 100-day, (303.1) 200-day
ZLH26 Moving Averages – (54.13) 5-day, (51.73) 20-day, (51.21) 50-day, (51.26) 100-day, (51.54) 200-day
CORN –
March ’26 Corn settled at 430 (+0.75) (ZCH26) high of 434, low of 428. May ’26 Corn (ZCH26) settled at 439 (+1). Cash price is 429 (+3)
Corn was slightly higher today after 2 ½ cent gain in the overnight session. Today’s export sales for corn came in at 1.6 mmt, inside the range of estimates. Open interest was 21k contracts during the rally yesterday. It seems like funds have an interest in corn again, especially with a weak dollar and already strong exports. March corn is above the 10-day moving average but still below the 20-day and 50-day moving average.
ZCH26 Moving Averages – (429) 5-day, (431) 20-day, (439) 50-day, (439) 100-day, (442) 200-day
ZCK26 Moving Averages – (437) 5-day, (439) 20-day, (446) 50-day, (447) 100-day, (451) 200-day
WHEAT –
March Chicago Wheat (ZWH26) settled at 541 (+5), with a high of 544, low of 533. May ‘26 Wheat (ZWK26) settled at 550 (+5). Chicago Wheat has a cash price of 527(+12). March KC Wheat (KEH5) settled at 547 (+4).
Wheat was up 4 ¾ cents in the overnight session and continued higher today. It’s the first time in a while that wheat has been able to have multi-day gain of some kind of significance in a while. The entire grain complex is seeing some buying this week. The export for outlooks is positive. Today’s export sales were 578k. Exports for wheat are at 87.6% of the USDA forecast, compared to the 5-year average at 80.7%. Similar to corn, unknown is doing some decent buying in wheat. If that unknown country is China that could be enough to help sustain this rally.
ZWH26 Moving Averages – (530) 5-day, (517) 20-day, (524) 50-day, (530) 100-day, (555) 200-day
ZWK26 Moving Averages – (539) 5-day, (527) 20-day, (534) 50-day, (541) 100-day, (566) 200-day
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