SOYBEANS–
Soybeans started the week lower, with the front-month contract leading November down. Beans may be seeing some pressure from the unwind in soybean oil. The soybean market may be able to avoid breaking before the mid-May China meeting if crude can stay elevated.
May ’26 Soybeans (ZSK26) settled at 1160.75 (-15), high of 1183.75, low of 1160. November Soybeans (ZSX26) settled at 1148 (-9.75), high of 1164.25, low of 1147.5. Cash price is at 1145 (+10)
May Bean Meal (ZMK26) settled at 331.9 (+.10) high of 336.3, low of 327
May Bean Oil (ZLK26) settled at 68.83 (-.70) high of 68.83, low of 66.34
Meal to Oil ratio (49.725% Meal – 50.275% Oil)
ZSK26 Moving Averages – (1164) 5-day, (1164) 20-day, (1158) 50-day, (1128) 100-day, (1103) 200-day
ZSX26 Moving Averages – (1152) 5-day, (1147) 20-day, (1131) 50-day, (1110) 100-day, (1090) 200-day
ZMK26 Moving Averages – (321.4) 5-day, (320.0) 20-day, (314.6) 50-day, (312.8) 100-day, (307.9) 200-day
ZLK26 Moving Averages – (67.69) 5-day, (67.10) 20-day, (63.14) 50-day, (57.40) 100-day, (55.04) 200-day
CORN –
May ’26 Corn settled at 441 (unchanged) (ZCK26) high of 446, low of 440. December ’26 Corn (ZCZ26) settled at 471.25 (-1). Cash price is 445 (-3)
Corn was quiet to start the week. A lower corn price and a weaker US dollar should help export sales get done. Higher crude oil prices should also be supportive.
ZCK26 Moving Averages – (444) 5-day, (456) 20-day, (448) 50-day, (447) 100-day, (446) 200-day
ZCZ26 Moving Averages – (474) 5-day, (483) 20-day, (474) 50-day, (467) 100-day, (462) 200-day
WHEAT –
May Chicago Wheat (ZWK26) settled at 581.75 (+10.75), with a high of 589.5, low of 576.25. December ‘26 Wheat (ZWZ26) settled at 621 (+9.50). Chicago Wheat has a cash price of 574 (-3). May KC Wheat (KEK5) settled at 603.25 (+12.50)
Wheat closed the day higher, making a high at 589 ½. Wheat ignored the bearish WASDE last week, which showed domestic ending stocks rising to 937 mb. The domestic ending stock figure is the highest in 6 years. World ending stocks were also raised. The Iran situation has the grains trading on headlines but I’m not convinced that can last forever.
ZWK26 Moving Averages – (581) 5-day, (595) 20-day, (578) 50-day, (556) 100-day, (559) 200-day
ZWZ26 Moving Averages – (622) 5-day, (636) 20-day, (618) 50-day, (597) 100-day, (599) 200-day
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