SOYBEANS–
The Acreage and Grain Stocks reports will be released by the USDA in less than a week. The market will likely see increased volatility heading into and after these reports come out. July soybean oil continues to correct while meal has good support above 300. A stronger dollar may put pressure on exports going forward.
July ’26 Soybeans (ZSN26) settled at 1107.75 (-9.25), high of 1121, low of 1107. November Soybeans (ZSX26) settled at 1134 (-7.75), high of 1146, low of 1133.25. Cash price is at 1107 (+2)
July Bean Meal (ZMK26) settled at 303.8 (+.90) high of 306.9, low of 302.9
July Bean Oil (ZLK26) settled at 69.43 (-1.16) high of 70.95, low of 69.32
Meal to Oil ratio (46.65% Meal – 53.35% Oil)
ZSN26 Moving Averages – (1119) 5-day, (1137) 20-day, (1172) 50-day, (1172) 100-day, (1138) 200-day
ZSX26 Moving Averages – (1142) 5-day, (1152) 20-day, (1166) 50-day, (1149) 100-day, (1116) 200-day
ZMN26 Moving Averages – (302.5) 5-day, (310.9) 20-day, (319.7) 50-day, (317.9) 100-day, (315.4) 200-day
ZLN26 Moving Averages – (70.49) 5-day, (74.48) 20-day, (73.56) 50-day, (68.34) 100-day, (60.04) 200-day
CORN –
July ’26 Corn settled at 406 (-3.75) (ZCN26) high of 412.5, low of 405.75. December ’26 Corn (ZCZ26) settled at 433.75 (-3.50). Cash price is 422 (-2)
December corn has fallen hard since a month ago, and the grains are starting to look cheap. The acreage report is expected to come out friendly, with many expecting acreage to shift from corn to beans. The latest COT report shows funds selling 41k contracts of corn, bringing their net short to 46k contracts.
ZCN26 Moving Averages – (413) 5-day, (424) 20-day, (450) 50-day, (454) 100-day, (454) 200-day
ZCZ26 Moving Averages – (440) 5-day, (451) 20-day, (474) 50-day, (474) 100-day, (467) 200-day
WHEAT –
July Chicago Wheat (ZWN26) settled at 583.25 (-1.25), with a high of 597.25, low of 583.25. December ‘26 Wheat (ZWZ26) settled at 612.75 (-1.25) Chicago Wheat has a cash price of 585 (-10). July KC Wheat (KEN5) settled at 617.50 (-.75)
Wheat was unable to finish the day positive, even with the hot weather in parts of Europe. The French wheat crop is expected to be stressed during the heat wave. Russia’s production estimate was lowered nearly 1.5 mmt for 2026/27. The next resistance for December corn is 624, which was the high of the day today.
ZWN26 Moving Averages – (598) 5-day, (596) 20-day, (618) 50-day, (603) 100-day, (577) 200-day
ZWZ26 Moving Averages – (623) 5-day, (625) 20-day, (650) 50-day, (634) 100-day, (608) 200-day
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