SOYBEANS–
The whole soybean complex was slightly lower to end the week. Argentina’s harvest is nearly complete. The USDA raised their estimate for Argentina’s crop 2 mmt on yesterday’s report to 50 mmt. Soybean areas under drought are well-above last year at 25%, compared to 13% previously. However, soybean areas under drought did fall 3 points this week.
July ’26 Soybeans (ZSN26) settled at 1113.25 (-1.75), high of 1119.75, low of 1109.25 November Soybeans (ZSX26) settled at 1132.75 (-1.25), high of 1137.25, low of 1127.75. Cash price is at 1100 (-8)
July Bean Meal (ZMK26) settled at 301.1 (-.60) high of 304.6, low of 301
July Bean Oil (ZLK26) settled at 74.28 (-.17) high of 76.22, low of 72.45
Meal to Oil ratio (44.8% Meal – 55.2% Oil)
ZSN26 Moving Averages – (1116) 5-day, (1163) 20-day, (1180) 50-day, (1170) 100-day, (1137) 200-day
ZSX26 Moving Averages – (1134) 5-day, (1168) 20-day, (1168) 50-day, (1144) 100-day, (1114) 200-day
ZMN26 Moving Averages – (301.7) 5-day, (321.0) 20-day, (321.9) 50-day, (318.0) 100-day, (315.5) 200-day
ZLN26 Moving Averages – (74.71) 5-day, (75.58) 20-day, (73.09) 50-day, (67.18) 100-day, (59.39) 200-day
CORN –
July ’26 Corn settled at 413.25 (+1.50) (ZCN26) high of 417, low of 408.5. December ’26 Corn (ZCZ26) settled at 440.75 (1.25). Cash price is 420 (-4)
Corn finished positive on the day after yesterday’s WASDE report. December corn is back above support at 440 after making a low at 435 ½ in the overnight session. The drought monitor showed conditions in corn areas improving and more rain is expected. Argentina’s harvest is estimated near the halfway point. Yesterday’s export report showed sales above the estimated range at over 1 mmt for the current marketing year.
ZCN26 Moving Averages – (416) 5-day, (442) 20-day, (457) 50-day, (456) 100-day, (455) 200-day
ZCZ26 Moving Averages – (443) 5-day, (468) 20-day, (479) 50-day, (475) 100-day, (468) 200-day
WHEAT –
July Chicago Wheat (ZWN26) settled at 585.25 (-1.50), with a high of 594.25, low of 579.75. December ‘26 Wheat (ZWZ26) settled at 612.75 -2) Chicago Wheat has a cash price of 541 (-42). July KC Wheat (KEN5) settled at 635 (+.25)
Wheat traded a wide range today but closed only slightly lower. Yesterday’s WASDE report came out friendly as many were expecting. Export sales yesterday were also friendly, coming in above expectations. Wheat exports were 95k for this year and 761k mt for next year. The grains have faced some significant selling pressure as of late and many markets are sitting at support. The US winter wheat crop is still the smallest since 1965.
ZWN26 Moving Averages – (585) 5-day, (615) 20-day, (618) 50-day, (600) 100-day, (576) 200-day
ZWZ26 Moving Averages – (614) 5-day, (646) 20-day, (650) 50-day, (631) 100-day, (607) 200-day
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