SOYBEANS–
Soybeans made another move higher today, but the move wasn’t as extreme as yesterday. 1200 will likely continue to be resistance for the time being. The high of the day today was 1198 ¾ in November beans. Soybean conditions were slightly lower this week. Soybeans will likely be supported until there’s more clarity on what China is going to do. There’s another meeting between Xi and Trump in September.
September ’26 Soybeans (ZSU26) settled at 1186 (+5), high of 1188.25, low of 1175.25. November Soybeans (ZSX26) settled at 1196.50 (+4.25), high of 1198.75, low of 1186.75. Cash price is at 1176 (+48)
September Bean Meal (ZMU26) settled at 314 (+2.80) high of 315, low of 308.4
September Bean Oil (ZLK26) settled at 68.09 (+.70) high of 68.24, low of 67.23
Meal to Oil ratio (47.975% Meal – 52.025% Oil)
ZSU26 Moving Averages – (1153) 5-day, (1133) 20-day, (1157) 50-day, (1150) 100-day, (1116) 200-day
ZSX26 Moving Averages – (1166) 5-day, (1147) 20-day, (1167) 50-day, (1154) 100-day, (1120) 200-day
ZMU26 Moving Averages – (306.8) 5-day, (303.2) 20-day, (311.5) 50-day, (312.7) 100-day, (313.7) 200-day
ZLU26 Moving Averages – (66.94) 5-day, (69.11) 20-day, (70.93) 50-day, (67.20) 100-day, (59.36) 200-day
CORN –
September ’26 Corn settled at 443 (+4.75) (ZCU26) high of 444.50, low of 435.75. December ’26 Corn (ZCZ26) settled at 463.50 (+5.75). Cash price is 451 (+15)
Corn ratings trail last year’s conditions but remain unchanged from last week. Corn is seeing some buying again and that may continue after such a quick reversal off the low. December corn has support at the 50 DMA at 453 ½.
ZCU26 Moving Averages – (428) 5-day, (423) 20-day, (451) 50-day, (457) 100-day, (453) 200-day
ZCZ26 Moving Averages – (448) 5-day, (443) 20-day, (468) 50-day, (473) 100-day, (467) 200-day
WHEAT –
September Chicago Wheat (ZWU26) settled at 617.75 (+3.75), with a high of 619, low of 609.25. December ‘26 Wheat (ZWZ26) settled at 632.75 (+4.25). Chicago Wheat has a cash price of 612 (+5). September KC Wheat (KEU26) settled at 652 (+2.25)
Chicago wheat led KC higher again today. Wheat harvest is moving along at 59% done and 8 points ahead of the average pace. The next resistance for December wheat is 640.
ZWU26 Moving Averages – (604) 5-day, (601) 20-day, (628) 50-day, (618) 100-day, (591) 200-day
ZWZ26 Moving Averages – (619) 5-day, (617) 20-day, (646) 50-day, (636) 100-day, (609) 200-day
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