SOYBEANS–
The grains continue to sell-off, with rain expected next week in the Midwest. The market is still waiting on new purchases from Chinese importers. Soybean meal and bean oil have reversed lower. Argentina’s soybean harvest is nearly finished at 92% complete. Yesterday’s export report showed sales of 276k mt for this year and 243k for next year.
July ’26 Soybeans (ZSN26) settled at 1122.25 (-7.25), high of 1132.25, low of 1117.5. November Soybeans (ZSX26) settled at 1139 (-2.50), high of 1147.25, low of 1132. Cash price is at 1107 (-25)
July Bean Meal (ZMK26) settled at 308.7 (-5.00) high of 315, low of 307.7
July Bean Oil (ZLK26) settled at 74.14 (-2.15) high of 76.72, low of 73.61
Meal to Oil ratio (45.425% Meal – 54.575% Oil)
ZSN26 Moving Averages – (1150) 5-day, (1188) 20-day, (1187) 50-day, (1168) 100-day, (1137) 200-day
ZSX26 Moving Averages – (1162) 5-day, (1184) 20-day, (1170) 50-day, (1141) 100-day, (1112) 200-day
ZMN26 Moving Averages – (319.1) 5-day, (327.8) 20-day, (323.2) 50-day, (317.9) 100-day, (315.8) 200-day
ZLN26 Moving Averages – (77.32) 5-day, (75.48) 20-day, (72.42) 50-day, (66.09) 100-day, (58.87) 200-day
CORN –
July ’26 Corn settled at 418 (-6.50) (ZCN26) high of 424.4, low of 416. December ’26 Corn (ZCZ26) settled at 446.75 (-5). Cash price is 432 (-7)
Exports for corn were disappointing, with sales totaling only 883k for this year. It’s somewhat surprising to see exports going down on the break in corn. I expect exports to pick up soon and for corn to find a bottom. Both July and December corn are trading below the 200 DMA. July corn has support at 408 and 385, while December corn has support at 440.
ZCN26 Moving Averages – (431) 5-day, (457) 20-day, (462) 50-day, (457) 100-day, (456) 200-day
ZCZ26 Moving Averages – (459) 5-day, (481) 20-day, (483) 50-day, (475) 100-day, (468) 200-day
WHEAT –
July Chicago Wheat (ZWN26) settled at 580.25 (-1.50), with a high of 587.725, low of 578. December ‘26 Wheat (ZWZ26) settled at 611.25 (-2.25) Chicago Wheat has a cash price of 576 (-4). July KC Wheat (KEN5) settled at 621.25 (+1)
After making a high at 587 ¼ July wheat finished the day lower. July wheat has trendline support at 562. December wheat has support at 609 then 600. Wheat export sales this week showed cancellations for this year, while export sales for next year were 838k.
ZWN26 Moving Averages – (592) 5-day, (632) 20-day, (621) 50-day, (597) 100-day, (575) 200-day
ZWZ26 Moving Averages – (624) 5-day, (664) 20-day, (653) 50-day, (628) 100-day, (607) 200-day