SOYBEANS–
Soybeans were rated 66% good/excellent, compared to last year’s rating at 67%. The 10-year average at this point in the year is 69%. Indiana’s soybean conditions were rated the worst at 10% poor/very poor. July soybean oil made a new high at 79.69 yesterday but was able to top that today. Soybeans may be starting to roll over. July beans lost support at 1170 today and are back into the previous trading range.
July ’26 Soybeans (ZSN26) settled at 1164.50 (-16.25), high of 1182.75, low of 1163. November Soybeans (ZSX26) settled at 1176.75 (-12), high of 1190.5, low of 1176.5. Cash price is at 1157 (-6)
July Bean Meal (ZMK26) settled at 326.4 (-.10) high of 328, low of 323.9
July Bean Oil (ZLK26) settled at 78.38 (-.71) high of 79.2, low of 77.6
Meal to Oil ratio (45.425% Meal – 54.575% Oil)
ZSN26 Moving Averages – (1182) 5-day, (1197) 20-day, (1189) 50-day, (1166) 100-day, (1136) 200-day
ZSX26 Moving Averages – (1186) 5-day, (1188) 20-day, (1170) 50-day, (1139) 100-day, (1111) 200-day
ZMN26 Moving Averages – (329.4) 5-day, (328.4) 20-day, (323.6) 50-day, (317.8) 100-day, (315.8) 200-day
ZLN26 Moving Averages – (77.44) 5-day, (75.32) 20-day, (71.79) 50-day, (65.32) 100-day, (58.51) 200-day
CORN –
July ’26 Corn settled at 440 (-3) (ZCN26) high of 445, low of 439. December ’26 Corn (ZCZ26) settled at 46.25 (-6.25). Cash price is 450 (-6)
Christmas corn led July corn down today. Looking at the recent COT reports, it seems like funds were stuck in long positions as the market started to break. It will be interesting to see how funds are positioned on this week’s report. Corn conditions were rated 67% good/excellent, which was close to last year and 10-year average. China may have an interest in US corn now after the sell-off.
ZCN26 Moving Averages – (447) 5-day, (464) 20-day, (465) 50-day, (458) 100-day, (456) 200-day
ZCZ26 Moving Averages – (474) 5-day, (488) 20-day, (485) 50-day, (475) 100-day, (468) 200-day
WHEAT –
July Chicago Wheat (ZWN26) settled at 602.50 (-6.25), with a high of 610.25, low of 599.25. December ‘26 Wheat (ZWZ26) settled at 634.50 (-6) Chicago Wheat has a cash price of 601 (-1). July KC Wheat (KEN5) settled at 635.50 (-11.50)
Wheat made another move lower today and is now in a clear downtrend. Wheat has been breaking as crude rallies. If crude starts to reverse again it could increase the selling pressure in wheat. The Crop Progress report had winter wheat at 26% good/excellent, compared to the 10-year average at 48%. 44% of winter wheat was rated poor/very poor. Wheat conditions are very similar to the 2006 ratings.
ZWN26 Moving Averages – (613) 5-day, (637) 20-day, (622) 50-day, (596) 100-day, (575) 200-day
ZWZ26 Moving Averages – (646) 5-day, (670) 20-day, (655) 50-day, (627) 100-day, (606) 200-day
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