SOYBEANS–
The war in Iran seems to have a different headline every couple hours, which has made it hard for the grain markets to pick a direction. July beans were up 7 ¾ cents in the overnight session and higher again today. Soybeans remain overvalued but are holding up for now.
July ’26 Soybeans (ZSN26) settled at 1195.75 (+10.50), high of 1196, low of 1185. November Soybeans (ZSX26) settled at 1195.25 (+13.75), high of 1195.25, low of 1180.75. Cash price is at 1162 (-1)
July Bean Meal (ZMK26) settled at 333.8 (+3.20) high of 335.1, low of 330.7
July Bean Oil (ZLK26) settled at 76.66 (+1.40) high of 76.81, low of 74.70
Meal to Oil ratio (46.55% Meal – 53.45% Oil)
ZSN26 Moving Averages – (1191) 5-day, (1202) 20-day, (1190) 50-day, (1163) 100-day, (1135) 200-day
ZSX26 Moving Averages – (1186) 5-day, (1188) 20-day, (11667) 50-day, (1135) 100-day, (1109) 200-day
ZMN26 Moving Averages – (330.7) 5-day, (327.3) 20-day, (323.4) 50-day, (317.4) 100-day, (315.6) 200-day
ZLN26 Moving Averages – (74.83) 5-day, (74.87) 20-day, (71.01) 50-day, (64.48) 100-day, (58.12) 200-day
CORN –
July ’26 Corn settled at 456.25 (+3.75) (ZCN26) high of 458.25, low of 451.50. December ’26 Corn (ZCZ26) settled at 482.50 (+5). Cash price is 462 (-5)
Corn was higher in the overnight session and up again today. Corn may be stuck in the mud here with all the back forth in regard to Iran. July corn has resistance at 467, while support is at 450. December corn has resistance at 487 ½ and support at 474-475.
ZCN26 Moving Averages – (458) 5-day, (469) 20-day, (467) 50-day, (458) 100-day, (456) 200-day
ZCZ26 Moving Averages – (482) 5-day, (492) 20-day, (487) 50-day, (475) 100-day, (468) 200-day
WHEAT –
July Chicago Wheat (ZWN26) settled at 624 (+1.50), with a high of 628, low of 618. December ‘26 Wheat (ZWZ26) settled at 656 (+.25). Chicago Wheat has a cash price of 615 (-13). July KC Wheat (KEN5) settled at 669 (-6)
Wheat traded slightly positive after several consecutive lower sessions. The rally to over 6 bucks in Chicago and over 7 in KC did not help the US export market. US wheat is trading at a significant premium to other origins. For this week, the export sales report will be delayed until tomorrow morning. Winter wheat is 78% headed versus 71% last week and 73% a year ago. Spring wheat is 86% planted, compared to the 5-year average at 79%.
ZWN26 Moving Averages – (676) 5-day, (691) 20-day, (661) 50-day, (618) 100-day, (586) 200-day
ZWZ26 Moving Averages – (703) 5-day, (717) 20-day, (690) 50-day, (650) 100-day, (619) 200-day
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