SOYBEANS–
Normal rain is expected over the next two weeks, but hot weather should help support the market. August is expected to be hot and dry. There were flash sales this morning of 264k mt to China and 110k mt to an unknown destination. China’s Xi Jinping is expected to visit the White House in late September. Friday’s COT report showed funds buying a small amount of soybean contracts. However, managed money still holds a net long of 72k contracts.
September ’26 Soybeans (ZSU26) settled at 1213.75 (+20.25), high of 1221.50, low of 1197. November Soybeans (ZSX26) settled at 1225 (+22), high of 1232, low of 1207.50. Cash price is at 1197 (+9)
September Bean Meal (ZMU26) settled at 320.7 (+3.60) high of 324.1, low of 316.7
September Bean Oil (ZLK26) settled at 73.76 (-.17) high of 74.6, low of 72.8
Meal to Oil ratio (46.125% Meal – 53.875% Oil)
ZSU26 Moving Averages – (1193) 5-day, (1161) 20-day, (1160) 50-day, (1156) 100-day, (1122) 200-day
ZSX26 Moving Averages – (1203) 5-day, (1173) 20-day, (1171) 50-day, (1162) 100-day, (1126) 200-day
ZMU26 Moving Averages – (318.3) 5-day, (309.3) 20-day, (312.1) 50-day, (312.9) 100-day, (314.3) 200-day
ZLU26 Moving Averages – (72.66) 5-day, (69.45) 20-day, (71.05) 50-day, (68.41) 100-day, (60.32) 200-day
CORN –
September ’26 Corn settled at 449.25 (+4.50) (ZCU26) high of 452.50, low of 447. December ’26 Corn (ZCZ26) settled at 472.50 (+5). Cash price is 464 (+3)
There was a flash sale of 100k mt for delivery to Colombia this morning. Corn has had a nice reversal from its mid-June low. Corn may have a chance to trade above $5 again due to dry forecasts and strong demand. Funds hold a small net long position at 43k contracts after buying 30k contracts.
ZCU26 Moving Averages – (444) 5-day, (431) 20-day, (444) 50-day, (456) 100-day, (452) 200-day
ZCZ26 Moving Averages – (466) 5-day, (451) 20-day, (463) 50-day, (473) 100-day, (467) 200-day
WHEAT –
September Chicago Wheat (ZWU26) settled at 672.75 (-10), with a high of 692.25, low of 672.75. December ‘26 Wheat (ZWZ26) settled at 690.50 (-9.25). Chicago Wheat has a cash price of 664 (+6). September KC Wheat (KEU26) settled at 723.50 (-8.75)
After avoiding profit-taking on Friday, wheat is trading lower this morning. Russia and Ukraine have traded attacks on grain terminals, ports, and cargo ships, limiting export capacity from the Black Sea. Meanwhile, Russia is also dealing with a fuel crisis. Wheat fundamentals have improved since earlier in the year, with global ending stocks declining.
ZWU26 Moving Averages – (670) 5-day, (622) 20-day, (628) 50-day, (625) 100-day, (595) 200-day
ZWZ26 Moving Averages – (686) 5-day, (638) 20-day, (645) 50-day, (643) 100-day, (612) 200-day
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