SOYBEANS–
Beans had a huge rally today after the $17 billion Chinese Ag purchase announcement over the weekend. Soybeans started to move higher in the overnight session, trading 24 cents higher. For the week ending May 14, soybean export inspections were 483k. The weekly pace needed to hit the USDA forecast was 464k.
July ’26 Soybeans (ZSN26) settled at 1212 (+35), high of 1218.50, low of 1191. November Soybeans (ZSX26) settled at 1199.75 (+29), high of 1206, low of 1183.75. Cash price is at 1153 (-16)
July Bean Meal (ZMK26) settled at 334.6 (+.30) high of 340.6, low of 334.2
July Bean Oil (ZLK26) settled at 75.55 (+1.67) high of 75.84, low of 74.19
Meal to Oil ratio (46.925% Meal – 53.075% Oil)
ZSN26 Moving Averages – (1207) 5-day, (1199) 20-day, (1192) 50-day, (1156) 100-day, (1130) 200-day
ZSX26 Moving Averages – (1193) 5-day, (1179) 20-day, (1161) 50-day, (1127) 100-day, (1104) 200-day
ZMN26 Moving Averages – (333.6) 5-day, (324.0) 20-day, (321.5) 50-day, (316.0) 100-day, (314.6) 200-day
ZLN26 Moving Averages – (74.57) 5-day, (73.83) 20-day, (69.75) 50-day, (62.74) 100-day, (57.35) 200-day
CORN –
July ’26 Corn settled at 477.25 (+21.50) (ZCN26) high of 478, low of 464. December ’26 Corn (ZCZ26) settled at 498.50 (+17.50). Cash price is 465 (-11)
Corn rallied today, with July leading December higher. Corn export inspections were 1,378,770 mt, below the 1,636,151 mt figure needed to hit the USDA estimate. Exports are at nearly 70% of the USDA forecast, compared to the 5-year average at 61.7%.
ZCN26 Moving Averages – (472) 5-day, (471) 20-day, (468) 50-day, (458) 100-day, (455) 200-day
ZCZ26 Moving Averages – (495) 5-day, (492) 20-day, (486) 50-day, (473) 100-day, (466) 200-day
WHEAT –
July Chicago Wheat (ZWN26) settled at 664.75 (+29), with a high of 666, low of 646. December ‘26 Wheat (ZWZ26) settled at 696.25 (+26.50). Chicago Wheat has a cash price of 630 (-22). July KC Wheat (KEN5) settled at 704.25 (+16.25)
Wheat was also higher today after the China news came out. US wheat may be a part of the $17 billion purchase package. It’s interesting to see managed money holds a net short position in wheat. They do hold a net long in KC and MN wheat, however. The Wheat Quality Council tour through Kansas last week found many damaged fields. Over 394 stops, they estimated Kansas’ 2025 winter wheat crop yield at only 38.9 bpa. The winter wheat crop is projected to be the smallest in 161 years, down 25% from last year.
ZWN26 Moving Averages – (662) 5-day, (636) 20-day, (618) 50-day, (586) 100-day, (572) 200-day
ZWZ26 Moving Averages – (695) 5-day, (670) 20-day, (650) 50-day, (618) 100-day, (603) 200-day
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