SOYBEANS–
Crop progress yesterday showed conditions declining in Iowa, Minnesota, and Illinois. Indiana had the biggest improvement in soybean conditions, up 9 points from last week. The latest COT report shows funds selling soybeans and meal, along with some soybean oil. Managed money still has a net long position in beans and crush products. The June 30 Acreage and Grain Stocks reports are a week away.
July ’26 Soybeans (ZSN26) settled at 1116.50 (+.75), high of 1123.75, low of 1114. November Soybeans (ZSX26) settled at 1141.75 (unchanged), high of 1149.5, low of 1139.5. Cash price is at 1105 (-8)
July Bean Meal (ZMK26) settled at 303.6 (+3.80) high of 305, low of 299.8
July Bean Oil (ZLK26) settled at 70.61 (-.54) high of 71.5, low of 70.1
Meal to Oil ratio (45.725% Meal – 54.275% Oil)
ZSN26 Moving Averages – (1123) 5-day, (1141) 20-day, (1173) 50-day, (1171) 100-day, (1138) 200-day
ZSX26 Moving Averages – (1144) 5-day, (1154) 20-day, (1167) 50-day, (1148) 100-day, (1116) 200-day
ZMN26 Moving Averages – (302.7) 5-day, (312.1) 20-day, (320.2) 50-day, (317.9) 100-day, (315.4) 200-day
ZLN26 Moving Averages – (71.19) 5-day, (74.74) 20-day, (73.50) 50-day, (68.19) 100-day, (59.95) 200-day
CORN –
July ’26 Corn settled at 410 (-1.50) (ZCN26) high of 414.5, low of 407. December ’26 Corn (ZCZ26) settled at 437.75 (-1.75). Cash price is 424 (-2)
The latest COT report shows funds selling 41k contracts of corn, bringing their net short to 46k contracts. Corn conditions were 56% good and 12% excellent. The crop progress report showed conditions improving in Nebraska and Indiana, while conditions decline Iowa, Illinois, and Minnesota.
ZCN26 Moving Averages – (414) 5-day, (427) 20-day, (451) 50-day, (455) 100-day, (454) 200-day
ZCZ26 Moving Averages – (442) 5-day, (454) 20-day, (475) 50-day, (474) 100-day, (467) 200-day
WHEAT –
July Chicago Wheat (ZWN26) settled at 588 (-9.50), with a high of 601.75, low of 586.25. December ‘26 Wheat (ZWZ26) settled at 614.75 (-9.25) Chicago Wheat has a cash price of 596 (-8). July KC Wheat (KEN5) settled at 620.25 (-13.25)
Winter wheat conditions were moistly unchanged or worse than last week. Kansas harvest was estimated at 5*% complete with Oklahoma 95% done. Spring wheat conditions good and excellent conditions were mostly lower, except for Montana’s 9-point gain. The June 30 Acreage and Grain Stocks reports are a week away.
ZWN26 Moving Averages – (600) 5-day, (598) 20-day, (618) 50-day, (603) 100-day, (577) 200-day
ZWZ26 Moving Averages – (625) 5-day, (628) 20-day, (650) 50-day, (634) 100-day, (608) 200-day
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