SOYBEANS–
Soybeans were down 3 cents in the overnight session but closed higher today. It was a quiet report day for soybeans. There were no changes to the domestic balance sheet. World production was kept close to unchanged. The estimate for Argentina’s soybean production was 48 mmt, from 48.50 previously. World ending stocks were estimated on today’s report at 125.31 mmt, from 125.51 previously. The average pre-report analyst estimate for world ending stocks was 125 mmt.
May ’26 Soybeans (ZSK26) settled at 1203 (+7), high of 1207, low of 1192. November Soybeans (ZSX26) settled at 1156 (+7), high of 1156, low of 1144. Cash price is at 1167 (-4)
May Bean Meal (ZMK26) settled at 315.1 (+1.60) high of 318.5, low of 313.9
May Bean Oil (ZLK26)) settled at 65.88 (-0.22) high of 66.71, low of 64.64
Meal to Oil ratio (48.95% Meal – 51.05% Oil)
ZSK26 Moving Averages – (1189) 5-day, (1163) 20-day, (1112) 50-day, (1115) 100-day, (1092) 200-day
ZSX26 Moving Averages – (1143) 5-day, (1125) 20-day, (1096) 50-day, (1097) 100-day, (1079) 200-day
ZMK26 Moving Averages – (313.0) 5-day, (313.2) 20-day, (306.1) 50-day, (311.9) 100-day, (307.2) 200-day
ZLK26 Moving Averages – (65.57) 5-day, (61.25) 20-day, (56.16) 50-day, (53.79) 100-day, (53.13) 200-day
CORN –
May ’26 Corn settled at 453 (unchanged) (ZCK26) high of 454, low of 446. December ’26 Corn (ZCZ26) settled at 480 (-1). Cash price is 450 (-6)
It was also a quiet report for corn, as expected. No changes were made to the domestic balance sheet. Argentina’s corn production estimate was lowered from 53 mmt to 5, while Brazil’s production was raised 1 mmt to 132 mmt. World ending stocks are estimated at 292.75 mmt, compared to last month at 288.98 mmt. Safrinha planting in Brazil is still behind schedule at 82% planted, while 1st crop corn is 42% harvested. Harvest is also behind the average pace. Corn should have strong support, with export inspections up 42% YOY.
ZCK26 Moving Averages – (452) 5-day, (443) 20-day, (441) 50-day, (446) 100-day, (447) 200-day
ZCZ26 Moving Averages – (479) 5-day, (468) 20-day, (461) 50-day, (462) 100-day, (460) 200-day
WHEAT –
May Chicago Wheat (ZWK26) settled at 593 (-10), with a high of 603, low of 583. December ‘26 Wheat (ZWZ26) settled at 635 (-5). Chicago Wheat has a cash price of 601 (-15). May KC Wheat (KEK5) settled at 608 (-11).
Wheat drifted lower today, losing the psychological support at 600, before seeing a bid at the end of the day. May was down 5 cents in the overnight session. No changes were made to domestic production and ending stocks were unchanged at 931 mb. World ending stocks were reduced from 277.51 mmt to 276.96 mmt. Export inspections are up 20% YOY.
ZWK26 Moving Averages – (592) 5-day, (571) 20-day, (546) 50-day, (546) 100-day, (560) 200-day
ZWZ26 Moving Averages – (631) 5-day, (609) 20-day, (588) 50-day, (586) 100-day, (600) 200-day
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