SOYBEANS–
July beans had another close below 12 bucks today after making a high at 1204. November beans also closed below 12 bucks after making a high at 1295 ¼. The market is waiting on more clarity about the China meeting. The charts and fundamentals lean bearish, and there was another Iran deal reported again today. Exports today were okay but down from last week and down from the 4-week average. Old crop bean sales were 12.9 mb, while old crop sales were 6.3 mb. Soybeans could break hard if they fail to hold support at 1170.
July ’26 Soybeans (ZSN26) settled at 1193.50 (-6.25), high of 1204, low of 1191. November Soybeans (ZSX26) settled at 1186.50 (-7), high of 1195.25, low of 1183.75. Cash price is at 1176 (-10)
July Bean Meal (ZMK26) settled at 327.3 (-3.60) high of 331.2, low of 327.2
July Bean Oil (ZLK26) settled at 73.85 (-.81) high of 74.96, low of 73.51
Meal to Oil ratio (47.075% Meal – 52.925% Oil)
ZSN26 Moving Averages – (1198) 5-day, (1202) 20-day, (1191) 50-day, (1159) 100-day, (1132) 200-day
ZSX26 Moving Averages – (1191) 5-day, (1184) 20-day, (1164) 50-day, (1130) 100-day, (1107) 200-day
ZMN26 Moving Averages – (332.1) 5-day, (325.9) 20-day, (322.3) 50-day, (316.4) 100-day, (315.1) 200-day
ZLN26 Moving Averages – (74.70) 5-day, (74.34) 20-day, (70.27) 50-day, (63.48) 100-day, (57.68) 200-day
CORN –
July ’26 Corn settled at 462.75 (-3) (ZCN26) high of 469.25, low of 460. December ’26 Corn (ZCZ26) settled at 485.75 (-3.50). Cash price is 475 (-9)
Corn had a disappointing day today closing lower with crude and the other grains. Corn sales today were very strong, which was unsurprising given the break in price. Corn exports were 83.6 mb for old crop and 11.1 mb for new crop. Export sales through May 14 were up over 70% above the previous 4-week average. December corn closed below the 50-day moving average today, while July closed slightly above.
ZCN26 Moving Averages – (467) 5-day, (472) 20-day, (468) 50-day, (458) 100-day, (456) 200-day
ZCZ26 Moving Averages – (490) 5-day, (494) 20-day, (487) 50-day, (474) 100-day, (467) 200-day
WHEAT –
July Chicago Wheat (ZWN26) settled at 647.75 (-12.75), with a high of 660.75, low of 645.25. December ‘26 Wheat (ZWZ26) settled at 680.75 (-11.50). Chicago Wheat has a cash price of 653 (-7). July KC Wheat (KEN5) settled at 686.75 (-12)
Rain in the Plains weighed on prices overnight. The break in crude after the news of an Iran deal also pressured prices today. July wheat has strong support at 636. December wheat has support at 670.
ZWN26 Moving Averages – (655) 5-day, (643) 20-day, (621) 50-day, (590) 100-day, (573) 200-day
ZWZ26 Moving Averages – (687) 5-day, (677) 20-day, (653) 50-day, (621) 100-day, (604) 200-day
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