SOYBEANS–
Soybeans finished the day lower today, making a low at 1217 ¼. There’s a triple top pattern forming on the weekly chart. However, if the weather stays dry and the geopolitical situation continues to worsen beans may be headed higher. Soybean meal looks cheap after the move above 1200 in beans, and soybean oil should be supported by the shortage of vegetable oil in the world.
September ’26 Soybeans (ZSU26) settled at 1210.25 (-5.25), high of 1217.50, low of 1204.75. November Soybeans (ZSX26) settled at 1222.25 (-4), high of 1230.25, low of 1217.25. Cash price is at 1219 (+22)
September Bean Meal (ZMU26) settled at 324.0 (+2.80) high of 325.4, low of 318.2
September Bean Oil (ZLK26) settled at 73.76 (-.46) high of 74.32, low of 72.7
Meal to Oil ratio (46.8% Meal – 53.2% Oil)
ZSU26 Moving Averages – (1199) 5-day, (1166) 20-day, (1161) 50-day, (1157) 100-day, (1123) 200-day
ZSX26 Moving Averages – (1209) 5-day, (1178) 20-day, (1172) 50-day, (1163) 100-day, (1126) 200-day
ZMU26 Moving Averages – (320.1) 5-day, (310.6) 20-day, (312.4) 50-day, (312.9) 100-day, (314.4) 200-day
ZLU26 Moving Averages – (73.01) 5-day, (69.70) 20-day, (71.09) 50-day, (68.55) 100-day, (60.44) 200-day
CORN –
September ’26 Corn settled at 452.50 (+3) (ZCU26) high of 453.75, low of 445.50. December ’26 Corn (ZCZ26) settled at 475.25 (+2.25). Cash price is 469 (+4)
The strong demand for US corn and drier weather has supported corn recently. A 2-day close over 480 in December corn may be what’s need to get the market to make the next leg higher. Friday’s COT showed funds holding a small long position in corn that could get bigger from here.
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 678.50 (+4.50), with a high of 679, low of 665.25. December ‘26 Wheat (ZWZ26) settled at 696.50 (+5). Chicago Wheat has a cash price of 655 (-8). September KC Wheat (KEU26) settled at 734.50 (+10.75)
Wheat closed higher on the day today. There’s a double top pattern on the weekly Chicago wheat chart. Fundamentals have now improved significantly in wheat. The next resistance for Chicago wheat is 690 then 700.
ZWU26 Moving Averages – (677) 5-day, (626) 20-day, (629) 50-day, (626) 100-day, (595) 200-day
ZWZ26 Moving Averages – (694) 5-day, (641) 20-day, (646) 50-day, (643) 100-day, (613) 200-day
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