SOYBEANS–
Soybeans continued their recent trend of trading higher in the overnight session. May was up 10 ¼ cents overnight. Soybeans rallied again during today’s session. Soybeans have been supported by the strong bullish trend in soybean oil. Yesterday’s WASDE report was quiet for soybeans. There were no changes to the domestic balance sheet. World production was kept close to unchanged. The estimate for Argentina’s soybean production was 48 mmt, from 48.50 previously. World ending stocks were estimated on today’s report at 125.31 mmt, from 125.51 previously. The average pre-report analyst estimate for world ending stocks was 125 mmt.
May ’26 Soybeans (ZSK26) settled at 1214 (+12), high of 1227, low of 1203. November Soybeans (ZSX26) settled at 1163 (+9), high of 1170, low of 1154. Cash price is at 1169 (+6)
May Bean Meal (ZMK26) settled at 315.4 (+0.90) high of 317, low of 311.6
May Bean Oil (ZLK26)) settled at 67.16 (+1.54) high of 68.63, low of 66.62
Meal to Oil ratio (48.425% Meal – 51.575% Oil)
ZSK26 Moving Averages – (1198) 5-day, (1167) 20-day, (1115) 50-day, (1116) 100-day, (1093) 200-day
ZSX26 Moving Averages – (1149) 5-day, (1128) 20-day, (1097) 50-day, (1098) 100-day, (1079) 200-day
ZMK26 Moving Averages – (314.0) 5-day, (313.7) 20-day, (306.2) 50-day, (312.1) 100-day, (307.2) 200-day
ZLK26 Moving Averages – (66.23) 5-day, (61.70) 20-day, (56.50) 50-day, (53.94) 100-day, (53.22) 200-day
CORN –
May ’26 Corn settled at 460 (+8) (ZCK26) high of 462, low of 451. December ’26 Corn (ZCZ26) settled at 489 (+9). Cash price is 447 (-2)
Corn was up 3 ¾ cents in the overnight and continued higher today. Crude oil was higher again today, which is offering support. Iran is reportedly attacking ships in the Strait of Hormuz. No changes were made to the domestic balance sheet on yesterday’s WASDE report. Argentina’s corn production estimate was lowered from 53 mmt to 5, while Brazil’s production was raised 1 mmt to 132 mmt. Ukraine’s production estimate was 1.7 mmt. World ending stocks are estimated at 292.75 mmt, compared to last month at 288.98 mmt.
ZCK26 Moving Averages – (456) 5-day, (444) 20-day, (441) 50-day, (446) 100-day, (447) 200-day
ZCZ26 Moving Averages – (492) 5-day, (481) 20-day, (474) 50-day, (475) 100-day, (473) 200-day
WHEAT –
May Chicago Wheat (ZWK26) settled at 594 (+3), with a high of 604, low of 589. December ‘26 Wheat (ZWZ26) settled at 636 (+2). Chicago Wheat has a cash price of 589 (-12). May KC Wheat (KEK5) settled at 613 (+4).
Wheat was up 5 in the overnight session and was up again today. The plains are getting some needed rains today. On yesterday’s report, no changes were made to domestic production and ending stocks were unchanged at 931 mb. World ending stocks were reduced from 277.51 mmt to 276.96 mmt but are still at a 5-year high. India’s production is expected to be a record at over 120 mmt. Export inspections are up 20% YOY.
ZWK26 Moving Averages – (597) 5-day, (574) 20-day, (548) 50-day, (546) 100-day, (560) 200-day
ZWZ26 Moving Averages – (637) 5-day, (612) 20-day, (589) 50-day, (587) 100-day, (600) 200-day
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