SOYBEANS–
Tomorrow, the USDA will release the Acreage and Quarterly Stocks reports. The average pre-report estimate for soybean acreage is 85.4 ma, compared to 84.7 ma on the March 31 Prospective Plantings report. On the high-end acreage is estimated at 86 ma, while the final acreage figure from the USDA in 2025 was 81.215 ma. Increased fertilizer costs have the market expecting a shift from corn acres to soybeans but the rotation may not be as dramatic as previously expected. However, the Prospective Plantings acreage figure was from surveys completed in early March, before the worst of the spike in input costs. Soybeans stocks have an average estimate of 1,051 mb, compared to 1,008 mb in 2025.
August ’26 Soybeans (ZSN26) settled at 1117.25 (-19.25), high of 1135, low of 1117. November Soybeans (ZSX26) settled at 1137.50 (-18.75), high of 1155.25, low of 1137. Cash price is at 1116 (-1)
August Bean Meal (ZMQ26) settled at 306 (+4.00) high of 306.8, low of 302.5
August Bean Oil (ZLK26) settled at 68.73 (-1.10) high of 70.3, low of 68.64
Meal to Oil ratio (46.875% Meal – 53.125% Oil)
ZSQ26 Moving Averages – (1126) 5-day, (1132) 20-day, (1168) 50-day, (1168) 100-day, (1134) 200-day
ZSX26 Moving Averages – (1145) 5-day, (1146) 20-day, (1166) 50-day, (1151) 100-day, (1117) 200-day
ZMQ26 Moving Averages – (303.6) 5-day, (306.2) 20-day, (314.6) 50-day, (315.3) 100-day, (315.7) 200-day
ZLQ26 Moving Averages – (68.12) 5-day, (72.23) 20-day, (72.23) 50-day, (67.69) 100-day, (59.63) 200-day
CORN –
September ’26 Corn settled at 408.75 (-13) (ZCU26) high of 42125, low of 407. December ’26 Corn (ZCZ26) settled at 428.75 (+8). Cash price is 428 (-2)
The average estimate for corn acreage on tomorrow’s report is 94.9 ma, below the 95.3 ma figure from March 31 and the 98.8 ma figure in 2025. Pre-report estimates for corn acreage do not have corn acreage becoming much smaller, and the high end of estimates has acreage higher than on March 31. The estimate for corn stocks is 5,392 mb versus 4,643 mb in 2025.
ZCU26 Moving Averages – (418) 5-day, (426) 20-day, (454) 50-day, (458) 100-day, (453) 200-day
ZCZ26 Moving Averages – (437) 5-day, (445) 20-day, (472) 50-day, (473) 100-day, (467) 200-day
WHEAT –
September Chicago Wheat (ZWU26) settled at 579.75 (-11.75), with a high of 593.5, low of 578. December ‘26 Wheat (ZWZ26) settled at 595.25 (-12) Chicago Wheat has a cash price of 579 (-12). September KC Wheat (KEU26) settled at 612.75 (-6.75)
The average pre-report estimate for all wheat planted acreage is 43.8 ma, not far from the 43.775 figure in March. Final all wheat planted acreage in 2025 was 45.3 ma. The average estimate for winter wheat planted acreage is 32.4 ma, while the estimate for spring wheat is 9.4 ma. The range of estimates for spring wheat planted acreage is 9.2—9.7 ma. Wheat stocks are estimated at 935 mb, with a range of 911—955 mb.
ZWU26 Moving Averages – (592) 5-day, (601) 20-day, (629) 50-day, (616) 100-day, (590) 200-day
ZWZ26 Moving Averages – (609) 5-day, (618) 20-day, (648) 50-day, (634) 100-day, (608) 200-day
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