SOYBEANS–
Soybeans rallied hard to end the week along with wheat. The war in Iran has been supportive for the grains, in addition to lackluster rainfall in Argentina. Given the recent strength, I feel soybeans can rally another 20-30 cents. The plantings report will give further insight into acreage numbers at the end of the month. 4-5m acres are expected to be added and Brazil has a large crop on the way.
May ’26 Soybeans (ZSK26) settled at 1200 (+21), high of 1202, low of 1177. November Soybeans (ZSX26) settled at 1146 (+10), high of 1150, low of 1134. Cash price is at 1146 (+12)
May Bean Meal (ZMK26) settled at 317.2 (+7.9) high of 317.8, low of 309.0
May Bean Oil (ZLK26)) settled at 66.58 (+0.88) high of 66.89, low of 64.80
Meal to Oil ratio (48.8% Meal – 51.2% Oil)
ZSK26 Moving Averages – (1176) 5-day, (1156) 20-day, (1107) 50-day, (1112) 100-day, (1091) 200-day
ZSX26 Moving Averages – (1134) 5-day, (1120) 20-day, (1093) 50-day, (1095) 100-day, (1078) 200-day
ZMK26 Moving Averages – (312.8) 5-day, (312.3) 20-day, (306) 50-day, (311.4) 100-day, (307.2) 200-day
ZLK26 Moving Averages – (63.29) 5-day, (60.30) 20-day, (55.50) 50-day, (53.50) 100-day, (52.97) 200-day
CORN –
May ’26 Corn settled at 460 (+7) (ZCK26) high of 462, low of 452. December ’26 Corn (ZCZ26) settled at 484 (+6). Cash price is 449 (+9)
Corn continues to trade well in the overnight session, up another 4 cents last night. Corn followed through today, with another move higher. It’s already being estimated that corn acres will shift to beans. But there’s also speculation that corn acreage could decrease with limited fertilizer supply and price increases. The drought monitor in the US has been rising. Yesterday’s release showed area under drought up 10% to 51%.
ZCK26 Moving Averages – (450) 5-day, (442) 20-day, (441) 50-day, (446) 100-day, (447) 200-day
ZCZ26 Moving Averages – (474) 5-day, (465) 20-day, (460) 50-day, (462) 100-day, (460) 200-day
WHEAT –
May Chicago Wheat (ZWK26) settled at 616 (+33), with a high of 618, low of 583. December ‘26 Wheat (ZWZ26) settled at 652 (+30). Chicago Wheat has a cash price of 581 (+15). May KC Wheat (KEK5) settled at 623 (+31).
Wheat was up 17 ¼ cents in the overnight session and had a huge rally during today’s session. Wheat is rising due to inflation concerns and the potential need for stockpiling. US winter wheat area drought was up 6% to 56%. Exports for wheat are doing very well. Cumulative exports are 203k mt. Exports are at 94% of the USDA forecast compared to the 5-year average at 88%.
ZWK26 Moving Averages – (584) 5-day, (565) 20-day, (544) 50-day, (544) 100-day, (560) 200-day
ZWZ26 Moving Averages – (622) 5-day, (603) 20-day, (585) 50-day, (585) 100-day, (600) 200-day
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