SOYBEANS–
Soybeans were unable to finish the day higher today. The grains may be overbought but soybeans are still above the 14 and 21 DMA’s. Weekly export sales were 188k mt for this year and 1.769 mmt for next year. China was the top buyer of US beans on today’s report, and another meeting with China is scheduled for September. Weather is expected to cool in the Midwest in the days ahead. Meanwhile, the uptrend in meal is still intact.
September ’26 Soybeans (ZSU26) settled at 1183.75 (-8.50), high of 1197.25, low of 1183.50. November Soybeans (ZSX26) settled at 1193.75 (-8), high of 1206.75, low of 1193.75. Cash price is at 1195 (+9)
September Bean Meal (ZMU26) settled at 320.1 (+2.50) high of 323.4, low of 316.4
September Bean Oil (ZLK26) settled at 71.62 (-.56) high of 72.55, low of 71.56
Meal to Oil ratio (47.125% Meal – 52.875% Oil)
ZSU26 Moving Averages – (1185) 5-day, (1154) 20-day, (1159) 50-day, (1155) 100-day, (1120) 200-day
ZSX26 Moving Averages – (1194) 5-day, (1167) 20-day, (1170) 50-day, (1160) 100-day, (1124) 200-day
ZMU26 Moving Averages – (316.9) 5-day, (307.7) 20-day, (311.9) 50-day, (312.8) 100-day, (314.2) 200-day
ZLU26 Moving Averages – (71.52) 5-day, (68.88) 20-day, (71.01) 50-day, (68.13) 100-day, (60.08) 200-day
CORN –
September ’26 Corn settled at 441 (-6.50) (ZCU26) high of 452, low of 440.25. December ’26 Corn (ZCZ26) settled at 463.50 (-6). Cash price is 467 (+11)
December corn was briefly positive but fell lower with soybeans and wheat. Corn exports were 314k for this year and 311k mt for next year. Colombia and Japan were the top buyers of US corn. Cooler weather is expected going forward in the Midwest.
ZCU26 Moving Averages – (441) 5-day, (429) 20-day, (445) 50-day, (456) 100-day, (452) 200-day
ZCZ26 Moving Averages – (463) 5-day, (449) 20-day, (464) 50-day, (473) 100-day, (467) 200-day
WHEAT –
September Chicago Wheat (ZWU26) settled at 674.25 (-3.25), with a high of 698.25, low of 669.50. December ‘26 Wheat (ZWZ26) settled at 690.75 (-1.25). Chicago Wheat has a cash price of 669 (+29). September KC Wheat (KEU26) settled at 716.75 (-3.25)
Wheat was higher to start the day but faded as the day went on. Attacks on grain infrastructure in the Black Sea has been supportive. In addition to conflicting reports of damage to a wheat storage facility in Iran that came out yesterday. If wheat can find support again tomorrow another leg high next week may be possible.
ZWU26 Moving Averages – (654) 5-day, (616) 20-day, (626) 50-day, (623) 100-day, (593) 200-day
ZWZ26 Moving Averages – (669) 5-day, (632) 20-day, (644) 50-day, (641) 100-day, (611) 200-day
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