SOYBEANS–
After making a low at 1182 ½ July beans rallied back finishing 3 ¾ cents lower. Soybean exports were disappointing this morning. Exports came in below the range of estimates at 141k mt. Exports will need to average 170k mt to hit the USDA forecast. Crude oil was below 90 this morning but is now closer to 100. The grains will likely see some support from crude oil if prices stay elevated.
July ’26 Soybeans (ZSN26) settled at 1191 (-3.75), high of 1192.50, low of 1190.50. November Soybeans (ZSX26) settled at 1171.75 (-3.75), high of 1173.50, low of 1171.50. Cash price is at 1168 (-18)
July Bean Meal (ZMK26) settled at 318.2 (+0.90) high of 319, low of 318.1
July Bean Oil (ZLK26) settled at 74.07 (-.95) high of 74.2, low of 74.06
Meal to Oil ratio (46.25% Meal – 53.75% Oil)
ZSN26 Moving Averages – (1204) 5-day, (1189) 20-day, (1189) 50-day, (1148) 100-day, (1125) 200-day
ZSX26 Moving Averages – (1183) 5-day, (1165) 20-day, (1153) 50-day, (1119) 100-day, (1100) 200-day
ZMN26 Moving Averages – (319.4) 5-day, (323.0) 20-day, (319.7) 50-day, (314.7) 100-day, (313.5) 200-day
ZLN26 Moving Averages – (75.55) 5-day, (71.44) 20-day, (68.23) 50-day, (61.03) 100-day, (56.68) 200-day
CORN –
July ’26 Corn settled at 467.25 (-1.25) (ZCN26) high of 467.75, low of 467. December ’26 Corn (ZCZ26) settled at 488.50 (-1.50). Cash price is 472 (-11)
Corn also came back off its morning low at 461 but finished lower on the day. Corn exports were 1.31 mmt, which was inside the estimated range. Corn exports only need to average 384k to hit the USDA estimate. Crude oil seems to be struggling to pick a direction. However, if crude can stay elevated that should be supportive for corn. Over the last 20 days, crude oil has traded a range between 78.97 and 110.93. Putting crude oil and corn on the same chart shows a strong correlation between the two markets.
ZCN26 Moving Averages – (476) 5-day, (466) 20-day, (466) 50-day, (457) 100-day, (454) 200-day
ZCZ26 Moving Averages – (496) 5-day, (485) 20-day, (483) 50-day, (471) 100-day, (465) 200-day
WHEAT –
July Chicago Wheat (ZWN26) settled at 613 (-4.25), with a high of 618.75, low of 605.25. December ‘26 Wheat (ZWZ26) settled at 649.25 (-4.75). Chicago Wheat has a cash price of 612 (-9). July KC Wheat (KEN5) settled at 667.25 (-19.75)
Wheat was 5 ½ cents lower in the overnight session and lower again today. KC wheat made a big move lower today but did not come off its lows like the other grains. Exports for wheat were compared to last week’s report. For the week ending April 30, wheat exports were 78k versus 226k the week prior.
ZWN26 Moving Averages – (627) 5-day, (617) 20-day, (610) 50-day, (578) 100-day, (570) 200-day
ZWZ26 Moving Averages – (663) 5-day, (650) 20-day, (641) 50-day, (609) 100-day, (601) 200-day
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