SOYBEANS–
Soybeans were higher on the day today with meal, while bean oil reversed and closed higher. The latest reading has soybeans at 65% good/excellent, compared to 70% this time last year. Next week, weather is expected to cool down in major soybean areas.
September ’26 Soybeans (ZSU26) settled at 1191.75 (+10.50), high of 1193.75, low of 1174.75. November Soybeans (ZSX26) settled at 1201.75 (+10.75), high of 1203.25, low of 1184.75. Cash price is at 1186 (-4)
September Bean Meal (ZMU26) settled at 317.8 (+2.80) high of 318.8, low of 313.9
September Bean Oil (ZLK26) settled at 72.14 (+.48) high of 72.27, low of 70.96
Meal to Oil ratio (46.65% Meal – 53.35% Oil)
ZSU26 Moving Averages – (1182) 5-day, (1152) 20-day, (1159) 50-day, (1154) 100-day, (1120) 200-day
ZSX26 Moving Averages – (1192) 5-day, (1164) 20-day, (1170) 50-day, (1159) 100-day, (1123) 200-day
ZMU26 Moving Averages – (315.6) 5-day, (306.9) 20-day, (311.7) 50-day, (312.7) 100-day, (314.1) 200-day
ZLU26 Moving Averages – (71.08) 5-day, (68.78) 20-day, (71.04) 50-day, (68.00) 100-day, (59.98) 200-day
CORN –
September ’26 Corn settled at 447.25 (+8.75) (ZCU26) high of 449, low of 437. December ’26 Corn (ZCZ26) settled at 469.25 (+8.75). Cash price is 456 (+2)
The grains look strong, with beans and wheat dragging corn higher. December corn has support at the 50 DMA at 456 and the 14 DMA at 451 ½. The next area of resistance is 480.
ZCU26 Moving Averages – (439) 5-day, (428) 20-day, (446) 50-day, (456) 100-day, (452) 200-day
ZCZ26 Moving Averages – (461) 5-day, (448) 20-day, (465) 50-day, (473) 100-day, (467) 200-day
WHEAT –
September Chicago Wheat (ZWU26) settled at 677.75 (+32.75), with a high of 682.75, low of 642.75. December ‘26 Wheat (ZWZ26) settled at 692.75 (+33). Chicago Wheat has a cash price of 639 (+8). September KC Wheat (KEU26) settled at 722 (+44)
All the grains were being bid up today, especially wheat. December wheat traded as high as 696 ¾, while December KC wheat traded as high as 737 ½. Russia and Ukraine are trading attacks at grain terminals and other logistics infrastructure. The war premium has been pretty muted so far, in my opinion, so I wasn’t expecting to see such a large move off of that today. If geopolitical tension stays elevated wheat may stay at higher prices for longer.
ZWU26 Moving Averages – (643) 5-day, (612) 20-day, (626) 50-day, (622) 100-day, (593) 200-day
ZWZ26 Moving Averages – (658) 5-day, (628) 20-day, (644) 50-day, (640) 100-day, (611) 200-day
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