SOYBEANS–
July beans had a strong close today above 1200. Bean oil is still strong and should be supported with crude above 100. July meal is off its highs from mid-April and is now at trendline support. US soybean crush pace hit a record high for March at 227 mb. The soybean crush hit an all-time high at 236 mb in October 2025. Argentina’s crush pace has been slowing, while Brazil’s is picking up.
July ’26 Soybeans (ZSN26) settled at 1201.50 (+6), high of 1205, low of 1193.75. November Soybeans (ZSX26) settled at 1180.75 (+7.75), high of 1184.50, low of 1171. Cash price is at 1161 (-1)
July Bean Meal (ZMK26) settled at 319.1 (+.20) high of 321.5, low of 317.9
July Bean Oil (ZLK26) settled at 75.12 (+.58) high of 75.4, low of 73.51
Meal to Oil ratio (45.925% Meal – 54.075% Oil)
ZSN26 Moving Averages – (1195) 5-day, (1184) 20-day, (1186) 50-day, (1144) 100-day, (1122) 200-day
ZSX26 Moving Averages – (1172) 5-day, (1159) 20-day, (1148) 50-day, (1115) 100-day, (1097) 200-day
ZMN26 Moving Averages – (323.4) 5-day, (322.0) 20-day, (319.7) 50-day, (314.7) 100-day, (313.3) 200-day
ZLN26 Moving Averages – (73.60) 5-day, (70.01) 20-day, (66.99) 50-day, (60.08) 100-day, (56.26) 200-day
CORN –
July ’26 Corn settled at 479.50 (+4.75) (ZCN26) high of 483.50, low of 472.75. December ’26 Corn (ZCZ26) settled at 498.25 (+4). Cash price is 469 (-1)
July corn was up 2 ½ cents in the overnight session and higher again today. December corn traded above the psychological resistance at 500, making a high at 501 ¾ but closed below 500. There was a flash sale this morning for 148k mt of corn to an unknown country. Argentina’s harvest is estimated at 28% complete.
ZCN26 Moving Averages – (475) 5-day, (462) 20-day, (464) 50-day, (456) 100-day, (454) 200-day
ZCZ26 Moving Averages – (495) 5-day, (482) 20-day, (481) 50-day, (470) 100-day, (464) 200-day
WHEAT –
July Chicago Wheat (ZWN26) settled at 636.50 (-.25), with a high of 644.75, low of 632.75. December ‘26 Wheat (ZWZ26) settled at 672.50 (-.50). Chicago Wheat has a cash price of 637 (-15). July KC Wheat (KEN5) settled at 694.75 (+1.25)
Chicago wheat has a quiet day today after making new highs yesterday and then selling off. July wheat has trendline support at 625. Parts of the Plains are expected to see some rain in the extended forecast; however, it will likely not be enough to make a significant impact. US exports may struggle following the rally. The next support for July wheat is 625.
ZWN26 Moving Averages – (643) 5-day, (612) 20-day, (606) 50-day, (575) 100-day, (570) 200-day
ZWZ26 Moving Averages – (676) 5-day, (644) 20-day, (637) 50-day, (606) 100-day, (600) 200-day
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