SOYBEANS–
Soybeans finished the day higher after trading close to unchanged in the overnight session. The meeting between President Trump and China is scheduled for Thursday and Friday next week. I feel that that the market has a chance to break lower and it will be up to Trump to get a deal. Brazil’s exports have been very strong. China may decide to purchase cheaper soybeans from South America instead of the US.
July ’26 Soybeans (ZSN26) settled at 1206.25 (+14), high of 1210.25, low of 1189.50. November Soybeans (ZSX26) settled at 1187.50 (+14), high of 1191.25, low of 1172.50. Cash price is at 1168 (unchanged)
July Bean Meal (ZMK26) settled at 319.4 (+0.50) high of 321.3, low of 317
July Bean Oil (ZLK26) settled at 74.16 (+0.01) high of 74.94, low of 73.73
Meal to Oil ratio (46.25% Meal – 53.75% Oil)
ZSN26 Moving Averages – (1205) 5-day, (1190) 20-day, (1189) 50-day, (1149) 100-day, (1125) 200-day
ZSX26 Moving Averages – (1185) 5-day, (1166) 20-day, (1154) 50-day, (1120) 100-day, (1100) 200-day
ZMN26 Moving Averages – (319.4) 5-day, (322.6) 20-day, (319.7) 50-day, (314.8) 100-day, (313.6) 200-day
ZLN26 Moving Averages – (75.39) 5-day, (71.81) 20-day, (68.48) 50-day, (61.26) 100-day, (56.77) 200-day
CORN –
July ’26 Corn settled at 471 (+3.50) (ZCN26) high of 473, low of 465.25. December ’26 Corn (ZCZ26) settled at 493.50 (+4). Cash price is 476 (+4)
Corn finished higher on Friday after trading close to unchanged in the overnight session. At least 13% of the corn crop has emerged, compared to the 5-year average at 9%. Last year at this time the corn crop was 10% emerged. Corn is emerging fastest in states like North Carolina, Tennessee, and Texas. December corn may have another chance to get above 500 next week, especially if the fighting in Iran intensifies.
ZCN26 Moving Averages – (474) 5-day, (467) 20-day, (466) 50-day, (457) 100-day, (455) 200-day
ZCZ26 Moving Averages – (495) 5-day, (486) 20-day, (484) 50-day, (471) 100-day, (465) 200-day
WHEAT –
July Chicago Wheat (ZWN26) settled at 620 (+7.75), with a high of 620.75, low of 608.50. December ‘26 Wheat (ZWZ26) settled at 656 (+7.75). Chicago Wheat has a cash price of 607 (-5). July KC Wheat (KEN5) settled at 677.25 (+10)
The grains continue to trade with crude. Wheat finished the day higher after three days in a row of lower trading. July KC wheat also found support at 664. The latest update to the drought monitor to showed winter wheat under drought up 1 point to 70% under drought, compared to last year at 22%.
ZWN26 Moving Averages – (623) 5-day, (619) 20-day, (610) 50-day, (579) 100-day, (570) 200-day
ZWZ26 Moving Averages – (660) 5-day, (652) 20-day, (642) 50-day, (610) 100-day, (601) 200-day
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