SOYBEANS–
Soybeans continued to sell-off today following the disappointing China meeting. The July and November soybean charts are starting to look ugly. I expect next week to show more weakness. The 1160 area is where soybeans consolidated previously. If soybeans fail to find support there, or above, the market may be headed much lower. Argentina’s harvest is more than halfway complete. Meanwhile, CONAB raised its estimate for Brazil’s production to over 180 mmt, from 179.15 previously.
July ’26 Soybeans (ZSN26) settled at 1177.25 (-15.25), high of 1202, low of 1172.25. November Soybeans (ZSX26) settled at 1171 (-12.50), high of 1191.75, low of 1167. Cash price is at 1169 (-36)
July Bean Meal (ZMK26) settled at 334.1 (+1.60) high of 342.50, low of 328.70
July Bean Oil (ZLK26) settled at 73.76 (+0.10) high of 74.25, low of 73.14
Meal to Oil ratio (47.45% Meal – 52.55% Oil)
ZSN26 Moving Averages – (1207) 5-day, (1197) 20-day, (1192) 50-day, (1154) 100-day, (1129) 200-day
ZSX26 Moving Averages – (1192) 5-day, (1176) 20-day, (1160) 50-day, (1126) 100-day, (1104) 200-day
ZMN26 Moving Averages – (331.7) 5-day, (323.4) 20-day, (321.2) 50-day, (315.7) 100-day, (314.4) 200-day
ZLN26 Moving Averages – (74.18) 5-day, (73.51) 20-day, (69.56) 50-day, (62.48) 100-day, (57.25) 200-day
CORN –
July ’26 Corn settled at 455.25 (-12.25) (ZCN26) high of 473.75, low of 455. December ’26 Corn (ZCZ26) settled at 498.25 (-10). Cash price is 477 (-13)
Corn was down 3 in the overnight session and traded lower again today. July corn failed to break resistance at 485 and has since traded back in to the previous range. CONAB raised its estimate for Brazil’s production nearly 6 mmt to 358 mmt. The Midwest is expected to see rains over the next week, but Nebraska is still dry. Corn areas under drought were up 1 point this week to 26%.
ZCN26 Moving Averages – (472) 5-day, (471) 20-day, (468) 50-day, (458) 100-day, (455) 200-day
ZCZ26 Moving Averages – (495) 5-day, (492) 20-day, (486) 50-day, (473) 100-day, (466) 200-day
WHEAT –
July Chicago Wheat (ZWN26) settled at 635.50 (-22.25), with a high of 658.25, low of 631.50. December ‘26 Wheat (ZWZ26) settled at 669.25 (-21.75). Chicago Wheat has a cash price of 653 (-17). July KC Wheat (KEN5) settled at 688.25 (-17)
Wheat continued to sell-off today after trading 7 ¾ cents lower in the overnight session. The drought in the Plains is a major issue, and now there’s reports of planting issues in Russia. Spring wheat planting in Russia is off to its worst start in several years due to cold weather. Wheat may resume its uptrend next week. July wheat has support at 630, while December wheat has support at 654.
ZWN26 Moving Averages – (656) 5-day, (633) 20-day, (6167) 50-day, (585) 100-day, (572) 200-day
ZWZ26 Moving Averages – (689) 5-day, (667) 20-day, (649) 50-day, (616) 100-day, (603) 200-day
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