SOYBEANS–
Soybeans traded sharply higher on the day after a 6 ½ cent gain in the overnight session. Soybean oil continues to be supported by higher crude oil prices. The July soybean meal chart is looking tight and may be getting ready for a new leg higher. Beans are starting to get expensive again. The high in March was 1250 ¾.
July ’26 Soybeans (ZSN26) settled at 1222.25 (+19), high of 1226.25, low of 1202.25. November Soybeans (ZSX26) settled at 1196 (+13.25), high of 1200.50, low of 1183. Cash price is at 1171 (+10)
July Bean Meal (ZMK26) settled at 320.8 (+1.50) high of 323.6, low of 318.8
July Bean Oil (ZLK26) settled at 76.59 (+1.43) high of 76.93, low of 74.77
Meal to Oil ratio (45.6% Meal – 54.4% Oil)
ZSN26 Moving Averages – (1201) 5-day, (1186) 20-day, (1187) 50-day, (1145) 100-day, (1123) 200-day
ZSX26 Moving Averages – (1178) 5-day, (1161) 20-day, (1150) 50-day, (1116) 100-day, (1098) 200-day
ZMN26 Moving Averages – (322.1) 5-day, (322.3) 20-day, (319.8) 50-day, (314.7) 100-day, (313.3) 200-day
ZLN26 Moving Averages – (74.57) 5-day, (70.35) 20-day, (67.33) 50-day, (60.33) 100-day, (56.36) 200-day
CORN –
July ’26 Corn settled at 485.50 (+5.25) (ZCN26) high of 486.25, low of 477.25. December ’26 Corn (ZCZ26) settled at 504.25 (+5.50). Cash price is 480 (+11)
Corn traded higher today after trading unchanged in the overnight session. Friday’s COT reported showed funds buying 80k contracts of corn. I would expect corn to be stronger than beans going forward. Planting is estimated at 40% complete. December corn has resistance at 505 then 512 ½.
ZCN26 Moving Averages – (478) 5-day, (464) 20-day, (464) 50-day, (457) 100-day, (454) 200-day
ZCZ26 Moving Averages – (498) 5-day, (483) 20-day, (482) 50-day, (470) 100-day, (464) 200-day
WHEAT –
July Chicago Wheat (ZWN26) settled at 641.25 (+3.50), with a high of 643.25, low of 631.75. December ‘26 Wheat (ZWZ26) settled at 677.75 (+4.50). Chicago Wheat has a cash price of 631 (+2). July KC Wheat (KEN5) settled at 695.75 (+1.25)
Wheat started the week higher after trading 1 cent lower in the overnight session. The grains are being supported by the ongoing war in Iran. It was reported today that US and Iranian ships exchanged fire in the Strait of Hormuz. The Plains are expected to see rain in the near term, but it likely will not be enough for some damaged wheat areas. Friday’s COT showed funds buying a lot wheat.
ZWN26 Moving Averages – (645) 5-day, (614) 20-day, (607) 50-day, (576) 100-day, (570) 200-day
ZWZ26 Moving Averages – (679) 5-day, (647) 20-day, (638) 50-day, (607) 100-day, (600) 200-day
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