SOYBEANS–
May soybeans finished the daily slightly higher after making a high at 1170 this morning. November soybeans were stronger. I still think soybeans can trade lower, even after the limit down move yesterday. My target for July soybeans is 1050. Soybean oil rallied today along with crude. There has been some discussion that the already delayed RVO decision may be delayed another month.
May ’26 Soybeans (ZSK26) settled at 1156 (+1), high of 1170, low of 1145. November Soybeans (ZSX26) settled at 1131 (+10), high of 1141, low of 1122. Cash price is at 1121 (-72)
May Bean Meal (ZMK26) settled at 311.7 (-0.5) high of 315, low of 307.6
May Bean Oil (ZLK26)) settled at 65.97 (+2.03) high of 66.42, low of 63.50
Meal to Oil ratio (50.6% Meal – 51.425% Oil)
ZSK26 Moving Averages – (1195) 5-day, (1176) 20-day, (1125) 50-day, (1121) 100-day, (1095) 200-day
ZSX26 Moving Averages – (1148) 5-day, (1134) 20-day, (1103) 50-day, (1101) 100-day, (1081) 200-day
ZMK26 Moving Averages – (316.4) 5-day, (314.8) 20-day, (307.2) 50-day, (313) 100-day, (307.2) 200-day
ZLK26 Moving Averages – (66.39) 5-day, (63.41) 20-day, (57.82) 50-day, (54.51) 100-day, (53.55) 200-day
CORN –
May ’26 Corn settled at 454 ½ (+0.50) (ZCK26) high of 455, low of 449. December ’26 Corn (ZCZ26) settled at 482 (+2). Cash price is 449 (-13)
Corn was up 2 in the overnight and slightly positive today. May corn has support at the 14-day moving average. Crude oil bounced today, which supported corn. The grains will likely continue to be volatile because of the Iran situation. However, China’s potential interest in US corn and a likely reduction in the planted acreage number should help corn. CONAB estimates Brazil’s second crop corn at 86% planted.
ZCK26 Moving Averages – (459) 5-day, (449) 20-day, (442) 50-day, (447) 100-day, (447) 200-day
ZCZ26 Moving Averages – (486) 5-day, (474) 20-day, (463) 50-day, (464) 100-day, (461) 200-day
WHEAT –
May Chicago Wheat (ZWK26) settled at 590 (-6), with a high of 597, low of 586. December ‘26 Wheat (ZWZ26) settled at 631 (-7). Chicago Wheat has a cash price of 613 (+15). May KC Wheat (KEK5) settled at 616 (-13).
Wheat was up 4 ¼ in the overnight session but closed lower today. Wheat has support at the 21-day moving average, while resistance is at 600. Good/excellent ratings are still dropping in the Plains. Oklahoma is still very dry, with conditions falling 6 points to 18% good/excellent. Higher temperatures are forecasted in the Plains and rain is expected to be limited. HRW may see more weather premium than SRW.
ZWK26 Moving Averages – (598) 5-day, (584) 20-day, (554) 50-day, (549) 100-day, (560) 200-day
ZWZ26 Moving Averages – (639) 5-day, (622) 20-day, (595) 50-day, (589) 100-day, (600) 200-day
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