SOYBEANS–
Soybeans were up 1 ½ cents in the overnight session but traded lower today. Soybean oil continues to trade higher, which is supporting soybeans. I think that when soybean oil starts to slow down it will bring soybeans down as well. StoneX estimates funds sold 12k soybean contracts yesterday. Friday’s COT showed funds very bullish soybeans, with a long position of 184k contracts after adding 20k contracts. The next resistance for May beans is 1185.
May ’26 Soybeans (ZSK26) settled at 1166 (-4), high of 1175, low of 1165. November Soybeans (ZSX26) settled at 1129 (-2), high of 1134, low of 1126. Cash price is at 1135 (+7)
May Bean Meal (ZMK26) settled at 309.4 (-5.3) high of 316.4, low of 309.3
May Bean Oil (ZLK26)) settled at 63.47 (+0.65) high of 63.62, low of 62.35
Meal to Oil ratio (50.05% Meal – 49.95% Oil)
ZSK26 Moving Averages – (1167) 5-day, (1148) 20-day, (1103) 50-day, (1109) 100-day, (1090) 200-day
ZSX26 Moving Averages – (1129) 5-day, (1115) 20-day, (1090) 50-day, (1093) 100-day, (1077) 200-day
ZMK26 Moving Averages – (315.8) 5-day, (311.4) 20-day, (305.6) 50-day, (311) 100-day, (307.2) 200-day
ZLK26 Moving Averages – (62.55) 5-day, (59.30) 20-day, (54.83) 50-day, (53.20) 100-day, (52.81) 200-day
CORN –
May ’26 Corn settled at 446 (0.75) (ZCK26) high of 447, low of 440.25. December ’26 Corn (ZCZ26) settled at 469 (-1). Cash price is 442 (+1)
Corn traded lower on the day with the other grains. Resistance for May corn is at 453. Corn was down 1 cent in the overnight session. There was a flash sale this morning for 125k mt to an unknown country. Corn is being supported by strength in crude, strong exports, in addition to an expected drop in acreage. Corn acres estimated to decline 3 to 4 million acres.
ZCK26 Moving Averages – (445) 5-day, (440) 20-day, (441) 50-day, (445) 100-day, (447) 200-day
ZCZ26 Moving Averages – (469) 5-day, (463) 20-day, (460) 50-day, (461) 100-day, (460) 200-day
WHEAT –
May Chicago Wheat (ZWK26) settled at 567 (-6), with a high of 577, low of 564. December ‘26 Wheat (ZWZ26) settled at 606 (-7). Chicago Wheat has a cash price of 571 (-3). May KC Wheat (KEK5) settled at 557 (-13).
Wheat was down 7 cents in the overnight session and continued lower today. Wet weather in the Plains has sparked a sell-off in wheat following the rally. Oklahoma is still dry and good/excellent ratings have dropped significantly. Wheat may due for a further correction given the rain in the forecast and bearish world and domestic stock numbers. The grains have seen some larger fund buying recently but those positions may soon start to unwind.
ZWK26 Moving Averages – (577) 5-day, (559) 20-day, (541) 50-day, (543) 100-day, (560) 200-day
ZWZ26 Moving Averages – (614) 5-day, (598) 20-day, (583) 50-day, (584) 100-day, (600) 200-day
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