SOYBEANS–
Soybeans made a bullish move today, trading above the previous resistance level at 1180. The next resistance for July beans is 1200. It may be hard for soybeans to break with soybean oil showing so much strength. The market is looking ahead to the China meeting in mid-May.
July ’26 Soybeans (ZSN26) settled at 1191.25 (+12.75), high of 1194.50, low of 1176.75. November Soybeans (ZSX26) settled at 1164.70 (+9), high of 1167.75, low of 1154.25. Cash price is at 1142 (+4)
July Bean Meal (ZMK26) settled at 328.0 (+8.90) high of 329.2, low of 318
July Bean Oil (ZLK26) settled at 71.71 (+.38) high of 72.08, low of 70.95
Meal to Oil ratio (48.025% Meal – 51.975% Oil)
ZSN26 Moving Averages – (1183) 5-day, (1181) 20-day, (1183) 50-day, (1142) 100-day, (1120) 200-day
ZSX26 Moving Averages – (1159) 5-day, (1155) 20-day, (1143) 50-day, (1113) 100-day, (1095) 200-day
ZMN26 Moving Averages – (320.2) 5-day, (320.4) 20-day, (319.1) 50-day, (314.8) 100-day, (312.8) 200-day
ZLN26 Moving Averages – (71.34) 5-day, (68.85) 20-day, (65.76) 50-day, (59.24) 100-day, (55.85) 200-day
CORN –
July ’26 Corn settled at 469.50 (+6) (ZCN26) high of 469.75, low of 462.50. December ’26 Corn (ZCZ26) settled at 489.50 (+5.25). Cash price is 459 (-0.50)
Corn had a solid move higher today with the other grains. Friday’s COT showed funds getting long corn. Managed money bought 25k contracts, bringing their net long position to 184k contracts. July corn has trendline resistance at 475. A new Crop Progress report will be released tonight.
ZCN26 Moving Averages – (464) 5-day, (460) 20-day, (461) 50-day, (456) 100-day, (454) 200-day
ZCZ26 Moving Averages – (484) 5-day, (479) 20-day, (478) 50-day, (469) 100-day, (463) 200-day
WHEAT –
July Chicago Wheat (ZWN26) settled at 630.75 (+14), with a high of 631.5, low of 617. December ‘26 Wheat (ZWZ26) settled at 662 (+12.50). Chicago Wheat has a cash price of 610 (-2). July KC Wheat (KEN5) settled at 677 (+7.25)
July wheat made another move higher today after trading 2 ½ cents higher in the overnight session. It’s no surprise to see wheat higher today given the worsening drought conditions and the new buying in crude. Chicago did outpace KC on the move higher today. The next resistance for July wheat 636 then 650.
ZWN26 Moving Averages – (617) 5-day, (606) 20-day, (599) 50-day, (571) 100-day, (569) 200-day
ZWZ26 Moving Averages – (649) 5-day, (637) 20-day, (629) 50-day, (602) 100-day, (599) 200-day
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