SOYBEANS–
Soybeans finished the day lower after trading 3 ½ cents lower in the overnight session. AgMarket updated their forecast for soybean acreage to 86.1 ma from 85 ma previously. There was already a shift from corn and cotton acres to soybeans expected. The high cost of fertilizer is also likely to shift more acreage to beans. The new biofuel mandate is expected to be released on Friday. If the EPA puts out a bullish number, soybean oil can continue to rally.
May ’26 Soybeans (ZSK26) settled at 1154 (-9), high of 1166, low of 1153. November Soybeans (ZSX26) settled at 1150 (-3), high of 1150, low of 1140. Cash price is at 1129 (+2)
May Bean Meal (ZMK26) settled at 322.4 (-4.20) high of 327.5, low of 321.4
May Bean Oil (ZLK26) settled at 66.64 (+0.06) high of 66.24, low of 64.86
Meal to Oil ratio (49.525% Meal – 50.475% Oil)
ZSK26 Moving Averages – (1162) 5-day, (1178) 20-day, (1133) 50-day, (1125) 100-day, (1098) 200-day
ZSX26 Moving Averages – (1143) 5-day, (1141) 20-day, (1110) 50-day, (1104) 100-day, (1084) 200-day
ZMK26 Moving Averages – (326.2) 5-day, (318.4) 20-day, (309.2) 50-day, (314.0) 100-day, (307.4) 200-day
ZLK26 Moving Averages – (65.55) 5-day, (64.86) 20-day, (59.37) 50-day, (55.21) 100-day, (54.00) 200-day
CORN –
May ’26 Corn settled at 462 (+2) (ZCK26) high of 465, low of 459. December ’26 Corn (ZCZ26) settled at 488 (+1). Cash price is 456 (-6)
Corn was higher today after a 1 cent gain in the overnight session. Higher crude oil supported corn today. However, crude oil may be getting ready to break soon. It was reported today that other countries in the Gulf, particularly Saudi Arabi and the UAE, have signaled readiness to fight Iran. In addition, the marines have already arrived in the Middle East, with more troops on the way. All of the above, may pressure Iran into making a deal or help oil move through the Strait. May corn has support at 454-455.
ZCK26 Moving Averages – (464) 5-day, (455) 20-day, (443) 50-day, (448) 100-day, (447) 200-day
ZCZ26 Moving Averages – (490) 5-day, (481) 20-day, (466) 50-day, (465) 100-day, (461) 200-day
WHEAT –
May Chicago Wheat (ZWK26) settled at 591 (+4), with a high of 596, low of 582. December ‘26 Wheat (ZWZ26) settled at 635 (+3). Chicago Wheat has a cash price of 595 (-12). May KC Wheat (KEK5) settled at 587 (-7).
KC led Chicago in the overnight session last night, but Chicago led KC today. Wheat may have a bullish fundamental story if world wheat production can decline because of high fertilizer costs. Growers may decide to shift wheat acres to other crops like barley or canola. It remains to be seen how much of an impact rising costs will have on wheat going forward. Wheat held the 21-day moving average today but is still trading below the 14-day.
ZWK26 Moving Averages – (597) 5-day, (591) 20-day, (561) 50-day, (552) 100-day, (560) 200-day
ZWZ26 Moving Averages – (639) 5-day, (631) 20-day, (602) 50-day, (592) 100-day, (600) 200-day
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