SOYBEANS–
It was a quiet day for beans ahead of the big report day tomorrow. Analysts are expecting soybean acreage to increase by at 4 million acres. Soybean stocks are also anticipated to rise. I would be very surprised to see soybeans close higher tomorrow. Fundamentals have been ignored recently, with crude rallying and the China meeting ahead. However, I think this report has a chance to make fundamentals matter again.
May ’26 Soybeans (ZSK26) settled at 1158 ¾ (-.50), high of 1170, low of 1158 ¼. November Soybeans (ZSX26) settled at 1143 (-1), high of 1154 ½, low of 1142 ¾. Cash price is at 1125 (-15)
May Bean Meal (ZMK26) settled at 314.6 (-.70) high of 316.6, low of 312.3
May Bean Oil (ZLK26) settled at 68.40 (+0.99) high of 69.68, low of 67.50
Meal to Oil ratio (47.9% Meal – 52.1% Oil)
ZSK26 Moving Averages – (1163) 5-day, (1178) 20-day, (1142) 50-day, (1126) 100-day, (1100) 200-day
ZSX26 Moving Averages – (1146) 5-day, (1145) 20-day, (1117) 50-day, (1106) 100-day, (1086) 200-day
ZMK26 Moving Averages – (318.9) 5-day, (318.2) 20-day, (310.9) 50-day, (313.7) 100-day, (307.4) 200-day
ZLK26 Moving Averages – (67.35) 5-day, (66.06) 20-day, (60.64) 50-day, (55.89) 100-day, (54.38) 200-day
CORN –
May ’26 Corn settled at 455 ¼ (-6 ¾) (ZCK26) high of 465 ¾, low of 455. December ’26 Corn (ZCZ26) settled at 483 ¼ (-4). Cash price is 463 (-5)
Corn was weaker today, ahead of the reports tomorrow. Acreage is expected to fall 4 ma on tomorrow’s report. Corn stocks are expected to be larger than last year. If corn trades lower tomorrow, it may be a buying opportunity. Crude oil will likely continue to support the market, as the Iran conflict seems to be escalating. Argentina’s harvest is estimated at 15% complete.
ZCK26 Moving Averages – (462) 5-day, (459) 20-day, (446) 50-day, (448) 100-day, (447) 200-day
ZCZ26 Moving Averages – (490) 5-day, (485) 20-day, (469) 50-day, (466) 100-day, (462) 200-day
WHEAT –
May Chicago Wheat (ZWK26) settled at 607 ½ (+2 ½), with a high of 612, low of 597 ¾. December ‘26 Wheat (ZWZ26) settled at 648 ¾ (2 ¾). Chicago Wheat has a cash price of 605 (unchanged). May KC Wheat (KEK5) settled at 627 ½ (-5 ½)
Wheat had a higher start to the week after trading 4 cents lower in the overnight session. Wheat has been acting strong and may continue to rally in the front month contract. The weather premium in HRW and SRW may start to decline with rain back in the forecast and cooler weather returning to the Plains. Acreage is expected slightly lower for all wheat areas and winter wheat. All wheat stocks are expected very close to last year at this time.
ZWK26 Moving Averages – (601) 5-day, (596) 20-day, (567) 50-day, (553) 100-day, (560) 200-day
ZWZ26 Moving Averages – (642) 5-day, (637) 20-day, (608) 50-day, (594) 100-day, (600) 200-day
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