SOYBEANS–
Soybeans had a strong gain today, trading as high as 1197 in the November contract. With many bearish heading into the June 30th crop reports, the market caught people offsides rallying over 50 cents since then. In addition to hot weather, it was reported that the US and China are working on a deal to lower the tariff on Ag products.
August ’26 Soybeans (ZSN26) settled at 1182 (+45.75), high of 1187.75, low of 1140.25. November Soybeans (ZSX26) settled at 1190.75 (+43), high of 1197, low of 1153. Cash price is at 1128 (+3)
August Bean Meal (ZMQ26) settled at 312.5 (+7.00) high of 315.3, low of 305.2
August Bean Oil (ZLK26) settled at 68.18 (+1.02) high of 68.18, low of 67.17.
Meal to Oil ratio (48.025% Meal – 51.975% Oil)
ZSQ26 Moving Averages – (1139) 5-day, (1129) 20-day, (1156) 50-day, (1149) 100-day, (1116) 200-day
ZSX26 Moving Averages – (1154) 5-day, (1144) 20-day, (1166) 50-day, (1153) 100-day, (1119) 200-day
ZMQ26 Moving Averages – (306.3) 5-day, (303.9) 20-day, (313.9) 50-day, (315.2) 100-day, (314.7) 200-day
ZLQ26 Moving Averages – (67.40) 5-day, (70.30) 20-day, (72.13) 50-day, (68.12) 100-day, (59.93) 200-day
CORN –
September ’26 Corn settled at 438.75 (+15.75) (ZCU26) high of 439.25, low of 425. December ’26 Corn (ZCZ26) settled at 458.25 (+16.75). Cash price is 436 (+4)
In addition to the heat dome in the US, hot weather is also affecting Western Europe. Europe’s largest corn grower, France, is dealing with crop stress in its corn areas. On the continuous chart, corn surged past the levels of the January and May sell-offs. Corn closed at resistance today, the next level to watch for a move higher is 462.
ZCU26 Moving Averages – (422) 5-day, (423) 20-day, (451) 50-day, (457) 100-day, (453) 200-day
ZCZ26 Moving Averages – (441) 5-day, (442) 20-day, (469) 50-day, (473) 100-day, (467) 200-day
WHEAT –
September Chicago Wheat (ZWU26) settled at 613.75 (+14), with a high of 616, low of 600.25. December ‘26 Wheat (ZWZ26) settled at 627.75 (+13.75). Chicago Wheat has a cash price of 598 (+2). September KC Wheat (KEU26) settled at 649.50 (+11)
Wheat had a nice bounce today with the other grains. Chicago led KC higher on the day. Hot weather is stressing French wheat but should be beneficial for harvest domestically. The next resistance for September wheat is the 100 DMA at 618 ½.
ZWU26 Moving Averages – (596) 5-day, (599) 20-day, (628) 50-day, (618) 100-day, (591) 200-day
ZWZ26 Moving Averages – (611) 5-day, (616) 20-day, (646) 50-day, (636) 100-day, (609) 200-day
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