SOYBEANS–
Soybeans closed slightly lower on the day. July beans made a low at 1177. Soybean oil had a strong move higher to start the week and is coming up against resistance. Soybean meal finished the day lower and may have further downside ahead.
July ’26 Soybeans (ZSN26) settled at 1180.75 (-2.25), high of 1187.25, low of 1177. November Soybeans (ZSX26) settled at 1156 (unchanged), high of 1160.5, low of 1152. Cash price is at 1142 (+3)
July Bean Meal (ZMK26) settled at 321.1 (-6.10) high of 327.7, low of 320.4
July Bean Oil (ZLK26) settled at 69.32 (+1.41) high of 69.37, low of 67.94
Meal to Oil ratio (48.3% Meal – 51.7% Oil)
ZSN26 Moving Averages – (1179) 5-day, (1180) 20-day, (1179) 50-day, (1141) 100-day, (1116) 200-day
ZSX26 Moving Averages – (1152) 5-day, (1151) 20-day, (1137) 50-day, (1111) 100-day, (1092) 200-day
ZMN26 Moving Averages – (328.8) 5-day, (320.2) 20-day, (318.1) 50-day, (315.7) 100-day, (312.4) 200-day
ZLN26 Moving Averages – (67.36) 5-day, (67.48) 20-day, (64.11) 50-day, (58.11) 100-day, (55.32) 200-day
CORN –
July ’26 Corn settled at 460 (+2.50) (ZCN26) high of 462.25, low of 455.50. December ’26 Corn (ZCZ26) settled at 479.25 (+2.25). Cash price is 453 (+0.25)
Corn finished the day slightly higher, making a high at 462 ¼ before fading the rest of the day. A weaker dollar and rising crude oil should be supportive for corn. In addition, dry conditions and the fertilizer shortage should also be bullish.
ZCN26 Moving Averages – (457) 5-day, (463) 20-day, (459) 50-day, (455) 100-day, (453) 200-day
ZCZ26 Moving Averages – (476) 5-day, (481) 20-day, (476) 50-day, (468) 100-day, (463) 200-day
WHEAT –
July Chicago Wheat (ZWN26) settled at 605 (+5.75), with a high of 611.75, low of 598.50. December ‘26 Wheat (ZWZ26) settled at 636.50 (+6.25). Chicago Wheat has a cash price of 593 (-7). July KC Wheat (KEN5) settled at 645.50 (-4.75)
Wheat led the grains higher, today, to start the week. Despite the Monday rally, wheat was unable to close above the 615-617 resistance level. Wheat has been trading a bigger range than the other grains as of late, often leading the other grains higher and lower. Recently, KC has been leading Chicago. Today, there was some divergence with KC trading lower and Chicago rallying.
ZWN26 Moving Averages – (599) 5-day, (604) 20-day, (592) 50-day, (567) 100-day, (568) 200-day
ZWZ26 Moving Averages – (629) 5-day, (634) 20-day, (622) 50-day, (598) 100-day, (599) 200-day
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