SOYBEANS–
Soybeans finished the day higher today after closing lower yesterday. The forecast still looks relatively dry overall, and soybeans closed near the high of the day. China continues to buy US beans. The next meeting with Xi is in September.
September ’26 Soybeans (ZSU26) settled at 1225.75 (+15.25), high of 1227.75, low of 1206.25. November Soybeans (ZSX26) settled at 1238.25 (+15.50), high of 1240.75, low of 1217.75. Cash price is at 1212 (-7)
September Bean Meal (ZMU26) settled at 329.6 (+5.30) high of 332.6, low of 323.5
September Bean Oil (ZLK26) settled at 74.39 (+.98) high of 74.59, low of 72.68
Meal to Oil ratio (46.775% Meal – 53.225% Oil)
ZSU26 Moving Averages – (1206) 5-day, (1171) 20-day, (1162) 50-day, (1158) 100-day, (1123) 200-day
ZSX26 Moving Averages – (1217) 5-day, (1182) 20-day, (1173) 50-day, (1164) 100-day, (1127) 200-day
ZMU26 Moving Averages – (322.5) 5-day, (312.0) 20-day, (312.7) 50-day, (313.0) 100-day, (314.6) 200-day
ZLU26 Moving Averages – (73.48) 5-day, (70.02) 20-day, (71.15) 50-day, (68.69) 100-day, (60.56) 200-day
CORN –
September ’26 Corn settled at 461.75 (+9) (ZCU26) high of 463, low of 452. December ’26 Corn (ZCZ26) settled at 484.25 (+9). Cash price is 475 (+5)
December corn closed over 480 today. Another close over 480 tomorrow greatly improves corn’s chances of making another push over $5. Friday’s COT showed funds holding a small long position in corn that could get bigger from here.
ZCU26 Moving Averages – (450) 5-day, (435) 20-day, (443) 50-day, (456) 100-day, (452) 200-day
ZCZ26 Moving Averages – (472) 5-day, (455) 20-day, (462) 50-day, (473) 100-day, (467) 200-day
WHEAT –
September Chicago Wheat (ZWU26) settled at 706.25 (+28.25), with a high of 708.25, low of 678. December ‘26 Wheat (ZWZ26) settled at 723.25 (+27.25). Chicago Wheat has a cash price of 659 (+4). September KC Wheat (KEU26) settled at 764.25 (+31.25)
Wheat made an explosive move higher today, trading above the psychological resistance at 700. Weather is expected to stay hot in the Plains next week. Meanwhile, geopolitical tensions seem to be getting worse rather than improving.
ZWU26 Moving Averages – (683) 5-day, (631) 20-day, (630) 50-day, (627) 100-day, (596) 200-day
ZWZ26 Moving Averages – (700) 5-day, (647) 20-day, (648) 50-day, (645) 100-day, (613) 200-day
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