SOYBEANS–
Soybeans traded lower on the day after yesterday’s move higher. Planting is 33% complete, with emergence at 13%. Illinois is leading the Midwest at 46% planted. StoneX raised their forecast for Brazil’s production to 181.6 mmt, a 1% increase from the prior estimate. Soybean oil still looks very strong, but soybean meal is at key trendline support. November beans have trendline support at 1181.
July ’26 Soybeans (ZSN26) settled at 1210.25 (-12.50), high of 1226, low of 1210. November Soybeans (ZSX26) settled at 1188 (-8.75), high of 1198.75, low of 1186.50. Cash price is at 1198 (+27)
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 – (1206) 5-day, (1188) 20-day, (1188) 50-day, (1146) 100-day, (1124) 200-day
ZSX26 Moving Averages – (1182) 5-day, (1163) 20-day, (1151) 50-day, (1117) 100-day, (1099) 200-day
ZMN26 Moving Averages – (320.7) 5-day, (322.7) 20-day, (319.9) 50-day, (314.7) 100-day, (313.4) 200-day
ZLN26 Moving Averages – (75.45) 5-day, (70.73) 20-day, (67.67) 50-day, (60.58) 100-day, (56.48) 200-day
CORN –
July ’26 Corn settled at 479.75 (-6) (ZCN26) high of 487.50, low of 477.25. December ’26 Corn (ZCZ26) settled at 500 (-4.50). Cash price is 485 (+5)
Corn was 1 cent lower in the overnight session and continued lower again today. US corn is 38% planted. Planting pace is 4 points ahead of the 5-year average. Nebraska is leading the way in corn planting at 43% complete, followed closely by Minnesota and Iowa. July corn has strong resistance at 487 ½., while December corn has resistance at 505 ¾.
ZCN26 Moving Averages – (479) 5-day, (465) 20-day, (465) 50-day, (457) 100-day, (454) 200-day
ZCZ26 Moving Averages – (499) 5-day, (484) 20-day, (482) 50-day, (471) 100-day, (465) 200-day
WHEAT –
July Chicago Wheat (ZWN26) settled at 628.50 (-12.50), with a high of 650.25, low of 624. December ‘26 Wheat (ZWZ26) settled at 665.75 (-11.75). Chicago Wheat has a cash price of 635 (+3). July KC Wheat (KEN5) settled at 691.75 (-2.75)
Wheat started moving lower in the overnight session, trading 5 ¼ cents lower. Wheat made another move lower today. Spring wheat is 32% planted, compared to this time last year at 42%. Poor/very poor ratings are still climbing for Kansas and Oklahoma. Washington’s winter wheat was rated 92% good/excellent last week but has since fallen to 84%. Wheat closed at trendline support. If 628 ½ fails to hold, wheat could start a new leg lower.
ZWN26 Moving Averages – (639) 5-day, (615) 20-day, (608) 50-day, (577) 100-day, (570) 200-day
ZWZ26 Moving Averages – (675) 5-day, (647) 20-day, (639) 50-day, (608) 100-day, (601) 200-day
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