SOYBEANS–
Soybeans started to break lower in the overnight session after no major additional Chinese soybean purchases were announced. Secretary Bessent did say that soybeans “all taken care of,” however the market continued trading lower during today’s session. Today’s export report showed sales of 102k mt. Soybeans can continue to trade lower from here, especially if more acreage is added.
July ’26 Soybeans (ZSN26) settled at 1193.50 (-35.50), high of 1227.75, low of 1181.50. November Soybeans (ZSX26) settled at 1184.75 (-23), high of 1209.50, low of 1173. Cash price is at 1205 (+2)
July Bean Meal (ZMK26) settled at 333.1 (-5.40) high of 338.3, low of 330.2
July Bean Oil (ZLK26) settled at 73.85 (-0.47) high of 74.51, low of 72.95
Meal to Oil ratio (47.45% Meal – 52.55% Oil)
ZSN26 Moving Averages – (1213) 5-day, (1197) 20-day, (1192) 50-day, (1154) 100-day, (1128) 200-day
ZSX26 Moving Averages – (1195) 5-day, (1176) 20-day, (1160) 50-day, (1125) 100-day, (1103) 200-day
ZMN26 Moving Averages – (328.7) 5-day, (323) 20-day, (320.7) 50-day, (315.5) 100-day, (314.2) 200-day
ZLN26 Moving Averages – (74.27) 5-day, (73.21) 20-day, (69.40) 50-day, (62.23) 100-day, (57.15) 200-day
CORN –
July ’26 Corn settled at 467.75 (-13) (ZCN26) high of 483.50, low of 465.25. December ’26 Corn (ZCZ26) settled at 491.25 (-11.75). Cash price is 490 (+0.50)
Corn traded lower along with the other grains today. The market was likely disappointed about no reports of China buying US corn. Demand has been very strong recently but came in below the estimated range on this week’s export sales report. For the week ending May 7, exports were 684k. The pullback in corn may be an opportunity for more export sales to get made
ZCN26 Moving Averages – (475) 5-day, (471) 20-day, (468) 50-day, (458) 100-day, (455) 200-day
ZCZ26 Moving Averages – (497) 5-day, (491) 20-day, (486) 50-day, (473) 100-day, (466) 200-day
WHEAT –
July Chicago Wheat (ZWN26) settled at 658.25 (-17.25), with a high of 688.25, low of 650.25. December ‘26 Wheat (ZWZ26) settled at 691 (-16.50). Chicago Wheat has a cash price of 670 (-3). July KC Wheat (KEN5) settled at 705 (-19.75)
There was some profit-taking in wheat today after the explosive move higher earlier in the week. The trend in wheat is still bullish. The drought in the Plains is not going anywhere any time soon so this may be a buying opportunity. Exports for wheat were 133k this week. July wheat has support at 650 ½, while support in the December contract is at 678.
ZWN26 Moving Averages – (653) 5-day, (632) 20-day, (616) 50-day, (584) 100-day, (572) 200-day
ZWZ26 Moving Averages – (686) 5-day, (665) 20-day, (648) 50-day, (615) 100-day, (602) 200-day
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