SOYBEANS–
Soybeans were lower in the overnight session and lower again today. Soybean oil was sharply higher again today, despite the weakness in crude. I mentioned soybean oil decoupling from crude on Tuesday’s WRT article. Soybean exports were 299k mt for the current marketing year and 137k for next year.
July ’26 Soybeans (ZSN26) settled at 1186.50 (-8), high of 1200.75, low of 1182.75. November Soybeans (ZSX26) settled at 1190.25 (-3.75), high of 1199, low of 1186. Cash price is at 1171 (+9)
July Bean Meal (ZMK26) settled at 329.6 (-4.50) high of 335.1, low of 329.2
July Bean Oil (ZLK26) settled at 76.66 (+.96 high of 78.36, low of 76.1
Meal to Oil ratio (46.55% Meal – 53.45% Oil)
ZSN26 Moving Averages – (1189) 5-day, (1201) 20-day, (1190) 50-day, (1164) 100-day, (1135) 200-day
ZSX26 Moving Averages – (1186) 5-day, (1189) 20-day, (1168) 50-day, (1136) 100-day, (1110) 200-day
ZMN26 Moving Averages – (331) 5-day, (327.8) 20-day, (323.6) 50-day, (317.5) 100-day, (315.7) 200-day
ZLN26 Moving Averages – (75.60) 5-day, (75.03) 20-day, (71.25) 50-day, (64.75) 100-day, (58.25) 200-day
CORN –
July ’26 Corn settled at 447 (-8.75) (ZCN26) high of 457.75, low of 459. December ’26 Corn (ZCZ26) settled at 474.75 (-7.5). Cash price is 465 (+3)
Corn also saw some selling today with the breakdown in crude. Funds have been net long corn futures and options, there is likely some end of the month re-positioning take place. July corn lost the 50 and 100 DMA and trendline support. Corn exports this week were 1 mmt for the current marketing year. Exports weren’t as good as last week’s sales at over 2 mmt but still ahead of the 5-year average.
ZCN26 Moving Averages – (455) 5-day, (468) 20-day, (466) 50-day, (458) 100-day, (456) 200-day
ZCZ26 Moving Averages – (480) 5-day, (491) 20-day, (486) 50-day, (475) 100-day, (468) 200-day
WHEAT –
July Chicago Wheat (ZWN26) settled at 610.25 (-13.75), with a high of 628, low of 609.25. December ‘26 Wheat (ZWZ26) settled at 642.25 (-14) Chicago Wheat has a cash price of 616 (+1). July KC Wheat (KEN5) settled at 651 (-14)
Crude oil made another leg lower today which put pressure on the grain markets. Wheat lost support at the 50 DMA today in the July and December contract. For the week ending May 21, export sales were 1 mmt for the next marketing year. Export sales for the current marketing year showed cancellations over 800k mt. This week’s old crop sales were a new marketing year low. The uptrend in wheat is broken now. The next area of support is the 100-day moving average. Wheat conditions in France are worsening from 81% to good/excellent to 78% as of May 25th. French wheat conditions may deteriorate from here after the heatwave in Western Europe.
ZWN26 Moving Averages – (627) 5-day, (640) 20-day, (623) 50-day, (594) 100-day, (575) 200-day
ZWZ26 Moving Averages – (660) 5-day, (674) 20-day, (655) 50-day, (626) 100-day, (606) 200-day
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