SOYBEANS–
Soybeans found support today after several consecutive days of selling, with July leading November higher on the day. The June WASDE report will be released tomorrow. The average pre-report estimate for soybean production is 4,430 mb. Yield is estimated at 52.9 bpa. Domestic and world ending stocks are estimated close to unchanged.
July ’26 Soybeans (ZSN26) settled at 1123.75 (+10), high of 1129.75, low of 1113. November Soybeans (ZSX26) settled at 1139.25 (+7.25), high of 1143.5, low of 1130.75. Cash price is at 1091 (-2)
July Bean Meal (ZMK26) settled at 302.3 (-1.20) high of 304.4, low of 301.3
July Bean Oil (ZLK26) settled at 75.31 (+.40) high of 75.79, low of 74.54
Meal to Oil ratio (44.5% Meal – 55.5% Oil)
ZSN26 Moving Averages – (1120) 5-day, (1173) 20-day, (1183) 50-day, (1169) 100-day, (1137) 200-day
ZSX26 Moving Averages – (1137) 5-day, (1174) 20-day, (1169) 50-day, (1143) 100-day, (1113) 200-day
ZMN26 Moving Averages – (305.6) 5-day, (324.4) 20-day, (322.4) 50-day, (318.0) 100-day, (315.6) 200-day
ZLN26 Moving Averages – (75.04) 5-day, (75.54) 20-day, (72.84) 50-day, (66.76) 100-day, (59.19) 200-day
CORN –
July ’26 Corn settled at 419.25 (-.25) (ZCN26) high of 425.75, low of 418.25. December ’26 Corn (ZCZ26) settled at 447 (+1.75). Cash price is 427 (+0.75)
The average estimate for corn production is very close to last month’s figure from the USDA at 15,989 bb. The average estimate for domestic corn ending stocks is close to unchanged. World production and ending stocks are expected to be slightly above May. Over the past 5 years, the June report has not moved December corn significantly but was higher 4 of the last 5 years.
ZCN26 Moving Averages – (419) 5-day, (448) 20-day, (459) 50-day, (457) 100-day, (456) 200-day
ZCZ26 Moving Averages – (447) 5-day, (474) 20-day, (481) 50-day, (475) 100-day, (468) 200-day
WHEAT –
July Chicago Wheat (ZWN26) settled at 587.25 (+2), with a high of 600.25, low of 583.5. December ‘26 Wheat (ZWZ26) settled at 616.50 (+2.25) Chicago Wheat has a cash price of 580 (+3). July KC Wheat (KEN5) settled at 629.75 (-1)
All wheat production is forecasted slightly lower. Domestic ending stocks have an average estimate of 764 for new crop, compared to 762 mb in May. Over the past 5 years, the June WASDE leans bearish, trading lower 3 of the last 5 years.
ZWN26 Moving Averages – (583) 5-day, (623) 20-day, (619) 50-day, (599) 100-day, (576) 200-day
ZWZ26 Moving Averages – (614) 5-day, (655) 20-day, (652) 50-day, (630) 100-day, (607) 200-day
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