SOYBEANS–
Despite closing positive July failed to close above 1200 while November closed below 1190. Soybeans have failed to break, but I believe this is the type of market where it’s prudent to sell rallies. The drought monitor showed a 1 point drop yesterday to 27% under drought. Argentina’s harvest is 75% completed. Argentina’s production is estimated at 50.1 mmt, compared to the estimate for Brazil at 180.6 mmt.
July ’26 Soybeans (ZSN26) settled at 1197.25 (+3), high of 1201.50, low of 1190.50. November Soybeans (ZSX26) settled at 1188.25 (+1.50), high of 1188.25, low of 1184. Cash price is at 1171 (-5)
July Bean Meal (ZMK26) settled at 332 (+3.60) high of 333.3, low of 326.2
July Bean Oil (ZLK26) settled at 73.95 (+.08) high of 74.6, low of 73.84
Meal to Oil ratio (47.3% Meal – 52.7% Oil)
ZSN26 Moving Averages – (1202) 5-day, (1202) 20-day, (1190) 50-day, (1160) 100-day, (1133) 200-day
ZSX26 Moving Averages – (1194) 5-day, (1185) 20-day, (1164) 50-day, (1132) 100-day, (1107) 200-day
ZMN26 Moving Averages – (331.6) 5-day, (326.5) 20-day, (322.5) 50-day, (316.6) 100-day, (315.2) 200-day
ZLN26 Moving Averages – (74.72) 5-day, (74.47) 20-day, (70.41) 50-day, (63.72) 100-day, (57.78) 200-day
CORN –
July ’26 Corn settled at 463.75 (+1.50) (ZCN26) high of 467.75, low of 461. December ’26 Corn (ZCZ26) settled at 486.50 (+1.50). Cash price is 472 (-3)
The drought monitor was down 1 point yesterday to 25% under drought. Corn areas under drought are similar to last year at 22%. July corn has support at the 50 DMA and resistance at the 21 DMA. December corn is trading below the 21 and 50 DMA but has support at the 62 DMA.
ZCN26 Moving Averages – (468) 5-day, (472) 20-day, (468) 50-day, (458) 100-day, (456) 200-day
ZCZ26 Moving Averages – (491) 5-day, (494) 20-day, (487) 50-day, (474) 100-day, (467) 200-day
WHEAT –
July Chicago Wheat (ZWN26) settled at 647 (-.50), with a high of 654, low of 642.50. December ‘26 Wheat (ZWZ26) settled at 680.25 (-.50). Chicago Wheat has a cash price of 640 (-13). July KC Wheat (KEN5) settled at 683.75 (-3.25)
Wheat traded a tighter range today and closed slightly negative. Wheat under drought was down 1 point this week to 70% under drought. If rains in the Plains materialize and Iran news is positive over the weekend there could be reason for wheat to break. For now, July wheat has support at 636. December wheat has support at 670.
ZWN26 Moving Averages – (657) 5-day, (645) 20-day, (622) 50-day, (591) 100-day, (574) 200-day
ZWZ26 Moving Averages – (689) 5-day, (678) 20-day, (654) 50-day, (622) 100-day, (605) 200-day
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