SOYBEANS–
Soybeans traded 8 ¼ cents higher in the overnight session but traded lower today. Soybeans traded a wider range today then most of the recent closes. 1200 is a key area of resistance in the July contract. November beans have made several attempts to trade above the contract high at 1174 ¼ from March 12 but haven’t been able to do it. The overnight high in November beans was 1174. Soybeans may be getting ready to break but higher crude prices and the mid-May China meeting could prevent that. Meal had a large move lower today. The next level of support in July meal is 311.
July ’26 Soybeans (ZSN26) settled at 1179 (-11.75), high of 1201.75, low of 1178. November Soybeans (ZSX26) settled at 1156.25 (-10.75), high of 1174, low of 1154.75. Cash price is at 1153 (+13)
July Bean Meal (ZMN26) settled at 316.0 (-5.20) high of 323.9, low of 315.7
July Bean Oil (ZLN26) settled at 70.99 (-.66) high of 72.64, low of 70.75
Meal to Oil ratio (47.425% Meal – 52.575% Oil)
ZSN26 Moving Averages – (1183) 5-day, (1181) 20-day, (1181) 50-day, (1142) 100-day, (1118) 200-day
ZSX26 Moving Averages – (1158) 5-day, (1153) 20-day, (1140) 50-day, (1112) 100-day, (1093) 200-day
ZMN26 Moving Averages – (322.8) 5-day, (319.7) 20-day, (318.7) 50-day, (315.2) 100-day, (312.6) 200-day
ZLN26 Moving Averages – (69.78) 5-day, (68.26) 20-day, (64.96) 50-day, (58.68) 100-day, (55.57) 200-day
CORN –
July ’26 Corn settled at 462.50 (+.50) (ZCN26) high of 466, low of 461. December ’26 Corn (ZCZ26) settled at 481.75 (unchanged). Cash price is 458 (+1)
Corn traded slightly higher after a 2 ¼ cent gain in the overnight session. Dry weather makes further switches to bean acres more likely. The next area of resistance for July corn is 465. As of Sunday, corn planting was 11% completed. There was a flash sale this morning for 130k mt of corn to an unknown country.
ZCN26 Moving Averages – (460) 5-day, (462) 20-day, (460) 50-day, (455) 100-day, (453) 200-day
ZCZ26 Moving Averages – (479) 5-day, (480) 20-day, (477) 50-day, (468) 100-day, (463) 200-day
WHEAT –
July Chicago Wheat (ZWN26) settled at 607.25 (-5.50), with a high of 620.5, low of 606.50. December ‘26 Wheat (ZWZ26) settled at 638.75 (+7.25). Chicago Wheat has a cash price of 607 (+8). July KC Wheat (KEN5) settled at 650 (-5.75)
Wheat was up 1 cent in the July contract overnight but moved lower today. There is a lot of wheat in the world. The war in Iran and drought in the Plains have supported this market recently. July wheat struggled to make a move above resistance at 615 today. The next area of support is 600 then 580.
ZWN26 Moving Averages – (606) 5-day, (605) 20-day, (596) 50-day, (569) 100-day, (568) 200-day
ZWZ26 Moving Averages – (637) 5-day, (635) 20-day, (625) 50-day, (600) 100-day, (599) 200-day
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