SOYBEANS–
Soybeans were able to finish the day positive after trading 2 ¾ cents higher in the overnight session. Soybeans rallied following yesterday’s WASDE report that showed a reduction in ending stocks. The new crop ending stocks figure at 310 mb is using the 84.7 planted acreage number from the March Plantings report, so acreage will likely increase at least a couple million acres going forward. The meeting between Trump and XI will begin tomorrow. Chinese soybean purchases may be priced in on this recent rally.
July ’26 Soybeans (ZSN26) settled at 1227.25 (+0.50), high of 1235, low of 1222. November Soybeans (ZSX26) settled at 1205.75 (+0.75), high of 1214, low of 1202. Cash price is at 1203 (+14)
July Bean Meal (ZMK26) settled at 338 (+9.60) high of 338.7, low of 318.5
July Bean Oil (ZLK26) settled at 74.23 (-1.13) high of 75.5, low of 74.18
Meal to Oil ratio (47.675% Meal – 52.325% Oil)
ZSN26 Moving Averages – (1213) 5-day, (1197) 20-day, (1192) 50-day, (1152) 100-day, (1128) 200-day
ZSX26 Moving Averages – (1194) 5-day, (1174) 20-day, (1159) 50-day, (1124) 100-day, (1102) 200-day
ZMN26 Moving Averages – (326.1) 5-day, (322.8) 20-day, (320.4) 50-day, (315.3) 100-day, (314.1) 200-day
ZLN26 Moving Averages – (74.38) 5-day, (72.98) 20-day, (68.20) 50-day, (61.99) 100-day, (57.06) 200-day
CORN –
July ’26 Corn settled at 480.50 (+0.50) (ZCN26) high of 484.50, low of 477.50. December ’26 Corn (ZCZ26) settled at 502.50 (+0.50). Cash price is 490 (+4)
Corn also finished positive after a small gain in the overnight session. The market will be watching to see if there’s any indication that China will buy any US grain other than soybeans. Corn is entering a bearish seasonal timeframe. However, downside for corn is likely limited because of strong demand and an expected decrease in acreage from the USDA.
ZCN26 Moving Averages – (475) 5-day, (470) 20-day, (468) 50-day, (458) 100-day, (455) 200-day
ZCZ26 Moving Averages – (497) 5-day, (491) 20-day, (486) 50-day, (473) 100-day, (466) 200-day
WHEAT –
July Chicago Wheat (ZWN26) settled at 674.75 (-4.25), with a high of 683.25, low of 667. December ‘26 Wheat (ZWZ26) settled at 706.75 (-3.50). Chicago Wheat has a cash price of 674 (+45). July KC Wheat (KEN5) settled at 722.75 (-8.50)
After yesterday’s major move higher Chicago finished the day lower. KC also finished lower after yesterday’s rally. Wheat may be supported going forward following the bullish report from the USDA and the Kansas Wheat Quality Council crop tour which found heavily damaged fields. Yield estimates in Kansas are down significantly from last year. The next resistance for Chicago wheat is 683 ¼, while support is at 672 ½ and then 658.
ZWN26 Moving Averages – (643) 5-day, (629) 20-day, (615) 50-day, (583) 100-day, (571) 200-day
ZWZ26 Moving Averages – (678) 5-day, (662) 20-day, (646) 50-day, (614) 100-day, (602) 200-day
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