SOYBEANS–
July beans made a low just after the open at 1168 before reversing higher. Soybean oil closed lower today along with meal. Soybean oil is holding trendline support for now but could be headed lower with the weakness in crude. If that materializes, soybeans may break as well. July beans have strong resistance at 1200.
July ’26 Soybeans (ZSN26) settled at 1181.50 (+1), high of 1183.50, low of 1168. November Soybeans (ZSX26) settled at 1154 (-2), high of 1158, low of 1145. Cash price is at 1139 (-1)
July Bean Meal (ZMK26) settled at 326.9 (-1.20) high of 329.9, low of 325.6
July Bean Oil (ZLK26) settled at 67.84 (-1.21) high of 69.64, low of 66.85
Meal to Oil ratio (49.325% Meal – 50.675% Oil)
ZSN26 Moving Averages – (1179) 5-day, (1180) 20-day, (1179) 50-day, (1141) 100-day, (1116) 200-day
ZSX26 Moving Averages – (1152) 5-day, (1151) 20-day, (1137) 50-day, (1111) 100-day, (1092) 200-day
ZMN26 Moving Averages – (328.8) 5-day, (320.2) 20-day, (318.1) 50-day, (315.7) 100-day, (312.4) 200-day
ZLN26 Moving Averages – (67.36) 5-day, (67.48) 20-day, (64.11) 50-day, (58.11) 100-day, (55.32) 200-day
CORN –
July ’26 Corn settled at 457 (-.75) (ZCN26) high of 460, low of 452.25. December ’26 Corn (ZCZ26) settled at 476.25 (-50). Cash price is 453 (-2)
Corn traded lower on the day with wheat. After failing to make new highs on March 23, corn has lost a lot of its momentum. Iran declared the Strait of Hormuz open to shipping, which pressured the market slightly today. 448-450 is a strong level of support. If corn moves lower, strong demand for US corn should limit the downside.
ZCN26 Moving Averages – (455) 5-day, (464) 20-day, (459) 50-day, (455) 100-day, (453) 200-day
ZCZ26 Moving Averages – (474) 5-day, (481) 20-day, (475 50-day, (467) 100-day, (463) 200-day
WHEAT –
July Chicago Wheat (ZWN26) settled at 598 (-8.50), with a high of 610, low of 590.50. December ‘26 Wheat (ZWZ26) settled at 629 (-7.00). Chicago Wheat has a cash price of 601 (+4). July KC Wheat (KEN5) settled at 648.50 (-6.50)
Wheat gapped lower off the open today, making a low at 582 ¾ in the July contract. The reopening of the Strait pressured the wheat market after several days weather market rallying. Chicago led KC lower today. Recently, KC wheat has led Chicago on moves higher and trailed Chicago on moves lower. July Chicago wheat has support at 580 and resistance at 615.
ZWN26 Moving Averages – (599) 5-day, (604) 20-day, (592) 50-day, (567) 100-day, (568) 200-day
ZWZ26 Moving Averages – (629) 5-day, (634) 20-day, (622) 50-day, (598) 100-day, (599) 200-day
If you’re ready to start trading, click the link below to open an account with Walsh Trading, Inc.
Hans Schmit
Broker, Pure Hedge Division
312-765-7311
hschmit@walshtrading.com
Walsh Trading, Inc. is registered as a Guaranteed Introducing Broker with the Commodity Futures Trading Commission and an NFA Member.
Futures and options trading involves substantial risk and is not suitable for all investors. Therefore, individuals should carefully consider their financial condition in deciding whether to trade. Option traders should be aware that the exercise of a long option will result in a futures position. The valuation of futures and options may fluctuate, and as a result, clients may lose more than their original investment. The information contained on this site is the opinion of the writer or was obtained from sources cited within the commentary. The impact on market prices due to seasonal or market cycles and current news events may already be reflected in market prices. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. All information, communications, publications, and reports, including this specific material, used and distributed by Walsh Trading, Inc. (“WTI”) shall be construed as a solicitation for entering into a derivatives transaction. WTI does not distribute research reports, employ research analysts, or maintain a research department as defined in CFTC Regulation 1.71.