SOYBEANS–
Soybeans were lower today after trading 3 ½ cents lower in the overnight session. Soybean planting is moving along at a strong pace. The market is likely continuing to move lower due to no confirmation from the Chinese in regard to the $17 billion in US Ag purchases. Both July and November beans closed below 1200 today. If July beans fail to hold support at the 1170 area then prices could be headed much lower.
July ’26 Soybeans (ZSN26) settled at 1199.25 (-10.25), high of 1212, low of 1196. November Soybeans (ZSX26) settled at 1193 (-10), high of 1205.25, low of 1190.75. Cash price is at 1186 (-4)
July Bean Meal (ZMK26) settled at 330.6 (-1.70) high of 334.2, low of 328.8
July Bean Oil (ZLK26) settled at 74.67 (-.77) high of 76.32, low of 74.51
Meal to Oil ratio (47% Meal – 53% Oil)
ZSN26 Moving Averages – (1198) 5-day, (1201) 20-day, (1191) 50-day, (1158) 100-day, (1131) 200-day
ZSX26 Moving Averages – (1190) 5-day, (1182) 20-day, (1163) 50-day, (1129) 100-day, (1106) 200-day
ZMN26 Moving Averages – (332.9) 5-day, (325.3) 20-day, (322.1) 50-day, (316.3) 100-day, (314.9) 200-day
ZLN26 Moving Averages – (74.65) 5-day, (74.20) 20-day, (70.13) 50-day, (63.24) 100-day, (57.57) 200-day
CORN –
July ’26 Corn settled at 465.75 (-9.50) (ZCN26) high of 477, low of 462.75. December ’26 Corn (ZCZ26) settled at 498.50 (-8.25). Cash price is 485 (-1)
Corn was down 3 ¼ cents in the overnight session and continued lower during today’s session. December corn is facing some significant hedge pressure near 500. December corn has made several attempts to make a move above the high at 506 ½ but has failed every time. Today’s high in December corn was 499 ½. The break in crude and hedge pressure may hurt corn in the near-term, but I like corn’s chances to rally back and make new contract highs. A Chinese purchase announcement would likely send corn much higher.
ZCN26 Moving Averages – (468) 5-day, (472) 20-day, (468) 50-day, (458) 100-day, (455) 200-day
ZCZ26 Moving Averages – (491) 5-day, (494) 20-day, (487) 50-day, (474) 100-day, (467) 200-day
WHEAT –
July Chicago Wheat (ZWN26) settled at 661 (-6.25), with a high of 672.50, low of 655.50. December ‘26 Wheat (ZWZ26) settled at 692.75 (-6). Chicago Wheat has a cash price of 660 (+2). July KC Wheat (KEN5) settled at 698.50 (-5.25)
Wheat was lower today after a 1 ¾ cent gain in the overnight session. The lack of clarity from the Trump administration on non-soybean Ag purchases pressured the grains today. The break in crude also added pressure. July Chicago wheat has lost a lot of momentum since making its high at 688 ¼, but July is still trading above 650. KC lost support at 700 today. Monday’s crop progress showed drought conditions continuing to worsen.
ZWN26 Moving Averages – (657) 5-day, (642) 20-day, (620) 50-day, (589) 100-day, (573) 200-day
ZWZ26 Moving Averages – (689) 5-day, (676) 20-day, (652) 50-day, (620) 100-day, (604) 200-day
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