SOYBEANS–
The soybeans backed off today after restarting the uptrend. The market is hopeful for more Chinese demand in September. November beans are back inside the previous trading range and above the key moving averages. November beans have resistance at 1200 and at the prior high 1214.
September ’26 Soybeans (ZSU26) settled at 1179.50 (-7.50), high of 1193.25, low of 1179.25. November Soybeans (ZSX26) settled at 1188.25 (-9.50), high of 1204, low of 1188. Cash price is at 1186 (+10)
September Bean Meal (ZMU26) settled at 309.3 (-5.20) high of 314, low of 308
September Bean Oil (ZLK26) settled at 70.23 (+2.07 high of 70.81, low of 68.33
Meal to Oil ratio (47.975% Meal – 52.025% Oil)
ZSU26 Moving Averages – (1164) 5-day, (1136) 20-day, (1158) 50-day, (1151) 100-day, (1117) 200-day
ZSX26 Moving Averages – (1175) 5-day, (1150) 20-day, (1168) 50-day, (1155) 100-day, (1120) 200-day
ZMU26 Moving Averages – (306.8) 5-day, (303.2) 20-day, (311.5) 50-day, (312.7) 100-day, (313.7) 200-day
ZLU26 Moving Averages – (67.72) 5-day, (69.01) 20-day, (70.98) 50-day, (67.33) 100-day, (59.46) 200-day
CORN –
September ’26 Corn settled at 433.25 (-10.50) (ZCU26) high of 444.75, low of 433.75. December ’26 Corn (ZCZ26) settled at 454.40 (-9.75). Cash price is 456 (+5)
Corn was lower today with the beans. The weather going forward is expected to be supportive, with dry and hot weather likely on the way. December corn has strong resistance at the 100 DMA, 473, while support is at 444.
ZCU26 Moving Averages – (432) 5-day, (424) 20-day, (450) 50-day, (457) 100-day, (453) 200-day
ZCZ26 Moving Averages – (443) 5-day, (468) 20-day, (468) 50-day, (473) 100-day, (467) 200-day
WHEAT –
September Chicago Wheat (ZWU26) settled at 606.25 (-12.25), with a high of 627, low of 606. December ‘26 Wheat (ZWZ26) settled at 621.75 (-12). Chicago Wheat has a cash price of 617 (+4). September KC Wheat (KEU26) settled at 643 (-9.75)
Wheat was lower today and has resistance above at 637 in the December contract. The 100 DMA is at 637. Chicago wheat led KC lower today. In the peak of the drought, KC was leading Chicago but it appears that pattern has flipped. It remains to be seen if wheat can lead the grains higher after a friendly Acreage report.
ZWU26 Moving Averages – (608) 5-day, (601) 20-day, (627) 50-day, (619) 100-day, (591) 200-day
ZWZ26 Moving Averages – (622) 5-day, (617) 20-day, (645) 50-day, (636) 100-day, (609) 200-day
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