SOYBEANS–
Soybeans closed higher after a 5 ½ cent gain in the overnight session. Soybeans likely have a big move coming given the sideways trading pattern seen over the last month. The pattern on the soybean chart is very similar to the cotton chart before it rallied 15 cents. Planting is moving ahead of schedule at 12% planted, which 5 points more than last year at this time. If beans can close over 1200 in the July contract, resistance looks limited above. The target on a move lower is 1130-1140.
July ’26 Soybeans (ZSN26) settled at 1190.50 (+8.75), high of 1194.75, low of 1180.75. November Soybeans (ZSX26) settled at 1166.50 (+8.75), high of 1170, low of 1155.50. Cash price is at 1140 (-2)
July Bean Meal (ZMK26) settled at 321.3 (+.10) high of 322.9, low of 319.6
July Bean Oil (ZLK26) settled at 71.64 (+2.34) high of 71.82, low of 69.1
Meal to Oil ratio (47.425% Meal – 52.575% Oil)
ZSN26 Moving Averages – (1183) 5-day, (1181) 20-day, (1180) 50-day, (1141) 100-day, (1117) 200-day
ZSX26 Moving Averages – (1158) 5-day, (1152) 20-day, (1139) 50-day, (1112) 100-day, (1093) 200-day
ZMN26 Moving Averages – (325.8) 5-day, (319.9) 20-day, (318.5) 50-day, (315.4) 100-day, (312.5) 200-day
ZLN26 Moving Averages – (69.04) 5-day, (68.00) 20-day, (64.68) 50-day, (58.49) 100-day, (55.49) 200-day
CORN –
July ’26 Corn settled at 462 (+1.75) (ZCN26) high of 463.50, low of 458.75. December ’26 Corn (ZCZ26) settled at 481.50 (+2.00). Cash price is 456 (+3)
Corn traded close to unchanged in the overnight session and closed slightly higher during today’s session. New estimates have Argentina’s corn production at 60-61 mmt, compared to the USDA’s estimate 52 mmt. 464-465 is key resistance for July corn. Corn failed to close or trade above that level today. The high in July corn today was 463 ½.
ZCN26 Moving Averages – (459) 5-day, (462) 20-day, (460) 50-day, (455) 100-day, (453) 200-day
ZCZ26 Moving Averages – (478) 5-day, (480) 20-day, (476) 50-day, (468) 100-day, (463) 200-day
WHEAT –
July Chicago Wheat (ZWN26) settled at 613.50 (+7.50), with a high of 614.50, low of 601.50. December ‘26 Wheat (ZWZ26) settled at 644.75 (+7.25). Chicago Wheat has a cash price of 599 (+5). July KC Wheat (KEN5) settled at 656.50 (+9)
Wheat had a nice move higher today, making a high at 614 ½. KC led Chicago higher again today. The July wheat chart looks very bullish. If wheat can move above the trendline resistance at 615 a major breakout is a possible, in my opinion. Wheat conditions are estimated at 30% good/excellent, compared to 45% last year.
ZWN26 Moving Averages – (605) 5-day, (604) 20-day, (594) 50-day, (569) 100-day, (568) 200-day
ZWZ26 Moving Averages – (636) 5-day, (635) 20-day, (624) 50-day, (599) 100-day, (599) 200-day
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