SOYBEANS–
Soybeans were able to finish the day positive, despite crude falling 7 dollars intraday. Today’s WASDE report was very quiet, as expected. No changes were made to the domestic balance sheet. World production was raised slightly but was offset by a higher crush number. Ending stocks were lowered from 125.31 mmt last month to 124.79 mmt. The May report will likely have a bigger impact on the market then this April report.
May ’26 Soybeans (ZSK26) settled at 1164.25 (+2.25), high of 1170.5, low of 1159.75. November Soybeans (ZSX26) settled at 1151.50 (-0.50), high of 1159, low of 1149.75. Cash price is at 1132 (+5)
May Bean Meal (ZMK26) settled at 317.40 (+3.30) high of 318.9, low of 312.0
May Bean Oil (ZLK26) settled at 67.63 (+0.21) high of 68.63, low of 67.35
Meal to Oil ratio (48.4% Meal – 51.6% Oil)
ZSK26 Moving Averages – (1163) 5-day, (1169) 20-day, (1155) 50-day, (1127) 100-day, (1102) 200-day
ZSX26 Moving Averages – (1153) 5-day, (1148) 20-day, (1128) 50-day, (1109) 100-day, (1089) 200-day
ZMK26 Moving Averages – (315.1) 5-day, (319.0) 20-day, (313.4) 50-day, (312.9) 100-day, (307.6) 200-day
ZLK26 Moving Averages – (68.75) 5-day, (67.16) 20-day, (62.65) 50-day, (57.09) 100-day, (54.90) 200-day
CORN –
May ’26 Corn settled at 444.50 (-2.75) (ZCK26) high of 450.25, low of 442.25. December ’26 Corn (ZCZ26) settled at 474 (-2). Cash price is 453 (-1)
Today’s report was also a quiet one for corn. Corn finished the day slightly lower, with May leading December corn down. No changes were made to the domestic balance sheet. The world balance sheet showed increases to beginning stocks and production, bring ending stocks to 294.81 mmt. Last month the USDA had world ending stocks at 112.60 mmt. I like corn’s chances of moving higher, given the recent break in the US dollar.
ZCK26 Moving Averages – (449) 5-day, (458) 20-day, (448) 50-day, (448) 100-day, (446) 200-day
ZCZ26 Moving Averages – (478) 5-day, (485) 20-day, (473) 50-day, (467) 100-day, (462) 200-day
WHEAT –
May Chicago Wheat (ZWK26) settled at 573.50 (-6.75), with a high of 588.75, low of 570. December ‘26 Wheat (ZWZ26) settled at 615.25 (-7.75). Chicago Wheat has a cash price of 583 (-17). May KC Wheat (KEK5) settled at 590 (-5.25) .
Wheat was the only grain to see changes to the domestic balance sheet on today’s report. Imports were raised 5 mb, in addition to a 1 mb decrease in seed use. Ending stocks were adjusted to 938 mb from 931 mb last month. World ending stocks were adjusted from 276.96 mmt last month to 283.12 mmt. Wheat had a negative reaction to the report, however 573.50 looks to be strong level of support.
ZWK26 Moving Averages – (589) 5-day, (598) 20-day, (577) 50-day, (556) 100-day, (559) 200-day
ZWZ26 Moving Averages – (630) 5-day, (639) 20-day, (617) 50-day, (596) 100-day, (599) 200-day
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