SOYBEANS–
Today’s crush report showed 6.55 mmt or 218 mb of soybeans crushed in April. The pre-report estimate for soybean crush was 214.7 mb. Friday’s COT report showed funds selling 18k contracts. Managed money still has a 180k net long position. Soybeans remain overvalued, but that does not mean they have to break.
July ’26 Soybeans (ZSN26) settled at 1181.25 (-5.50), high of 1194.50, low of 1177.75. November Soybeans (ZSX26) settled at 1189.75 (-.25), high of 1197.25, low of 1184.75. Cash price is at 1163 (-8)
July Bean Meal (ZMK26) settled at 326.6 (-3.20) high of 331.8, low of 325.6
July Bean Oil (ZLK26) settled at 79.04 (+1.32) high of 79.69, low of 77.34
Meal to Oil ratio (45.225% Meal – 54.775% Oil)
ZSN26 Moving Averages – (1186) 5-day, (1200) 20-day, (1190) 50-day, (1165) 100-day, (1136) 200-day
ZSX26 Moving Averages – (1186) 5-day, (1189) 20-day, (1169) 50-day, (1137) 100-day, (1111) 200-day
ZMN26 Moving Averages – (329.9) 5-day, (328.2) 20-day, (323.6) 50-day, (317.7) 100-day, (315.7) 200-day
ZLN26 Moving Averages – (76.63) 5-day, (75.23) 20-day, (71.53) 50-day, (65.04) 100-day, (58.38) 200-day
CORN –
July ’26 Corn settled at 444.50 (-2.25) (ZCN26) high of 449.25, low of 440. December ’26 Corn (ZCZ26) settled at 472.25 (-2.75). Cash price is 456 (-9)
Corn has struggled after making a high at 506 ½ on May 13. December corn is trading back into the same range following the bullish Plantings report at the end of March. July corn has also lost a lot of ground. Funds were likely buying the front-month contract and have since lightened up based on seasonals and end-of-the-month repositioning. The market may soon find out whether the $17 billion in US Ag purchases agreement was a real deal or more of a rehash of the previous meeting, as corn starts to look cheap.
ZCN26 Moving Averages – (451) 5-day, (466) 20-day, (466) 50-day, (458) 100-day, (456) 200-day
ZCZ26 Moving Averages – (477) 5-day, (490) 20-day, (486) 50-day, (475) 100-day, (468) 200-day
WHEAT –
July Chicago Wheat (ZWN26) settled at 608.25 (-2.25), with a high of 619.50, low of 605.50. December ‘26 Wheat (ZWZ26) settled at 640 (-3) Chicago Wheat has a cash price of 603 (-13). July KC Wheat (KEN5) settled at 645.50 (-3.25)
Funds still hold a net short position in Chicago wheat and a net long position in KC and Minneapolis. There was selling by managed money in all three wheat markets this week. Dry weather is expected to make the HRW harvest more challenging in the US. The USDA is expecting ~17% of the HRW crop to be abandoned this year. The US is not the only place with crop issues. Australia’s total wheat harvest is forecast to drop by almost 50%. Overall, fundamentals have improved significantly for wheat since a year ago.
ZWN26 Moving Averages – (606) 5-day, (639) 20-day, (623) 50-day, (595) 100-day, (575) 200-day
ZWZ26 Moving Averages – (652) 5-day, (673) 20-day, (655) 50-day, (627) 100-day, (606) 200-day