SOYBEANS–
Soybeans were able to finish the day higher after trading 13 ¼ cents higher in the overnight session. The market will be watching to see what the USDA does with acreage. Many are expecting to see an increase in bean acreage because farmer surveys were completed before the fighting in Iran kicked off, in addition to farmer switching because of the rally. A change to the acreage figure may not happen until June. If the USDA uses the Planting report number on the May balance sheet it would be 84.7 ma.
July ’26 Soybeans (ZSN26) settled at 1211 (+3), high of 1222.50, low of 1207. November Soybeans (ZSX26) settled at 1193.25 (+3.75), high of 1201.25, low of 1187.25. Cash price is at 1184 (+16)
July Bean Meal (ZMK26) settled at 325.1 (+5.40) high of 326.1, low of 318.5
July Bean Oil (ZLK26) settled at 73.65 (-0.67) high of 75.13, low of 73.25
Meal to Oil ratio (46.825% Meal – 53.175% Oil)
ZSN26 Moving Averages – (1203) 5-day, (1192) 20-day, (1190) 50-day, (1150) 100-day, (1126) 200-day
ZSX26 Moving Averages – (1184) 5-day, (1169) 20-day, (1156) 50-day, (1121) 100-day, (1101) 200-day
ZMN26 Moving Averages – (320.2) 5-day, (322.4) 20-day, (319.7) 50-day, (314.9) 100-day, (313.7) 200-day
ZLN26 Moving Averages – (74.83) 5-day, (72.18) 20-day, (68.72) 50-day, (61.49) 100-day, (56.87) 200-day
CORN –
July ’26 Corn settled at 474.50 (+3.25) (ZCN26) high of 476.25, low of 470.75. December ’26 Corn (ZCZ26) settled at 497.25 (+3.75). Cash price is 481 (+5)
Corn was up 3 ¾ cents in the overnight session and higher again today. Corn is likely to see a lower acreage number then the Plantings report but that may not happen until June. If the May WASDE report comes out bearish it will likely be a buying opportunity, as the demand for US corn is very strong.
ZCN26 Moving Averages – (472) 5-day, (468) 20-day, (467) 50-day, (457) 100-day, (455) 200-day
ZCZ26 Moving Averages – (494) 5-day, (488) 20-day, (484) 50-day, (472) 100-day, (465) 200-day
WHEAT –
July Chicago Wheat (ZWN26) settled at 636 (+17), with a high of 636, low of 620. December ‘26 Wheat (ZWZ26) settled at 671.50 (+16.50). Chicago Wheat has a cash price of 614 (+6). July KC Wheat (KEN5) settled at 687.25 (+11.50)
Wheat was up 7 in the overnight session and closed higher again today. Chicago led KC higher today. KC and Chicago wheat charts are looking very bullish. Pre-report estimates for tomorrow’s WASDE report are bullish overall. Production is expected to decline from 1.985 bb in 2025/26 to 1.735 bb. The average estimate for new crop ending stocks is 841 mb. Ending stocks for old crop last month were 938 mb, compared to an average estimate of 933 mb on the May report.
ZWN26 Moving Averages – (622) 5-day, (621) 20-day, (611) 50-day, (580) 100-day, (570) 200-day
ZWZ26 Moving Averages – (658) 5-day, (655) 20-day, (642) 50-day, (611) 100-day, (601) 200-day
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