SOYBEANS–
It was quiet report for the grains. New crop estimates were unchanged from May. The USDA’s estimate for new crop production was higher than the pre-report estimate. Argentina’s soybean production was increased from 48 mmt to 50 mmt. Brazil’s production estimate was unchanged at 180 mmt. The next support for November beans is 1120.
July ’26 Soybeans (ZSN26) settled at 1115.75 (-7.75), high of 1125, low of 1108.25 November Soybeans (ZSX26) settled at 1134.25 (-4.25), high of 1142.5, low of 1126.5. Cash price is at 1108 (+17)
July Bean Meal (ZMK26) settled at 301.5 (-.40) high of 304.7, low of 301.4
July Bean Oil (ZLK26) settled at 74.49 (-.84) high of 76.09, low of 73.92
Meal to Oil ratio (44.775% Meal – 55.225% Oil)
ZSN26 Moving Averages – (1117) 5-day, (1167) 20-day, (1182) 50-day, (1169) 100-day, (1137) 200-day
ZSX26 Moving Averages – (1135) 5-day, (1171) 20-day, (1169) 50-day, (1144) 100-day, (1114) 200-day
ZMN26 Moving Averages – (303.2) 5-day, (322.5) 20-day, (322.2) 50-day, (318.0) 100-day, (315.6) 200-day
ZLN26 Moving Averages – (74.67) 5-day, (75.55) 20-day, (72.95) 50-day, (66.97) 100-day, (59.29) 200-day
CORN –
July ’26 Corn settled at 411 (-8) (ZCN26) high of 420, low of 410.5. December ’26 Corn (ZCZ26) settled at 439 (-7.75). Cash price is 425 (-2)
The June WASDE was also quiet for corn. 2026/27 beginning stocks were adjusted from 2,142 to 2,145 which brought ending stocks slightly higher. Corn has really taken a hit since mid-May and closed below the prior support at 440 today in the December contract.
ZCN26 Moving Averages – (417) 5-day, (445) 20-day, (458) 50-day, (456) 100-day, (455) 200-day
ZCZ26 Moving Averages – (444) 5-day, (471) 20-day, (480) 50-day, (475) 100-day, (468) 200-day
WHEAT –
July Chicago Wheat (ZWN26) settled at 586.25 (-1.25), with a high of 593.75, low of 582.5. December ‘26 Wheat (ZWZ26) settled at 615 (-2.25) Chicago Wheat has a cash price of 584 (-3). July KC Wheat (KEN5) settled at 634.25 (+3.75)
The June WASDE report came out friendly for wheat, as expected. Yield and production were adjusted lower which brought ending stocks lower to 744 mb. The USDA figure for ending stocks was below the pre-report average estimate. World ending stocks were close to unchanged.
ZWN26 Moving Averages – (584) 5-day, (618) 20-day, (619) 50-day, (599) 100-day, (576) 200-day
ZWZ26 Moving Averages – (614) 5-day, (650) 20-day, (651) 50-day, (630) 100-day, (607) 200-day
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