SOYBEANS–
Soybeans made another move lower today after losing support at 1170 in the July contract. The next level of support for July beans is 1140. The grains are breaking with crude still moving higher. If crude reverses the move lower could intensify. Soybean planting is moving along at 87% planted, as of May 31.
July ’26 Soybeans (ZSN26) settled at 1153.50 (-11.75), high of 1172.75, low of 1152.5. November Soybeans (ZSX26) settled at 1165.75 (-12), high of 1184.75, low of 1165.5. Cash price is at 1143 (-14)
July Bean Meal (ZMK26) settled at 320.6 (-5.60) high of 328.4, low of 320.4
July Bean Oil (ZLK26) settled at 78.63 (+.22) high of 79.55, low of 78.41
Meal to Oil ratio (44.9% Meal – 55.1% Oil)
ZSN26 Moving Averages – (1176) 5-day, (1195) 20-day, (1189) 50-day, (1167) 100-day, (1136) 200-day
ZSX26 Moving Averages – (1183) 5-day, (1187) 20-day, (1170) 50-day, (1139) 100-day, (1112) 200-day
ZMN26 Moving Averages – (327.5) 5-day, (328.4) 20-day, (323.5) 50-day, (317.9) 100-day, (315.8) 200-day
ZLN26 Moving Averages – (78.13) 5-day, (75.41) 20-day, (72.06) 50-day, (65.60) 100-day, (58.64) 200-day
CORN –
July ’26 Corn settled at 430.75 (-9.75) (ZCN26) high of 442, low of 430.25. December ’26 Corn (ZCZ26) settled at 458.75 (-7.25). Cash price is 448 (-2)
Corn has really fallen hard since making a high in early May. There was a flash sale this morning for 136k mt of corn for delivery to South Korea for the 2026/27 marketing year. Today’s ethanol report showed production at 1.018 million barrels per day for the week ending May 29. It would not surprise me to see more export sales being made with corn trading at such a discount to where it was just a few weeks ago.
ZCN26 Moving Averages – (443) 5-day, (461) 20-day, (464) 50-day, (458) 100-day, (456) 200-day
ZCZ26 Moving Averages – (471) 5-day, (486) 20-day, (485) 50-day, (475) 100-day, (468) 200-day
WHEAT –
July Chicago Wheat (ZWN26) settled at 586.75 (-16.25), with a high of 606.75, low of 585.5. December ‘26 Wheat (ZWZ26) settled at 619.75 (-15.5) Chicago Wheat has a cash price of 595 (-5). July KC Wheat (KEN5) settled at 624 (-10.75)
Wheat made another big leg lower today. July KC wheat lost support at 630 today. The next level of support for KC wheat is the 100 DMA at 609. China may start to have an interest in US wheat down here. High input costs and dry weather are expected to disrupt Australia’s wheat crop. The estimate for Australia’s wheat crop is 26.7 mmt, which would be the smallest in 3 years.
ZWN26 Moving Averages – (606) 5-day, (635) 20-day, (622) 50-day, (596) 100-day, (575) 200-day
ZWZ26 Moving Averages – (639) 5-day, (668) 20-day, (654) 50-day, (628) 100-day, (606) 200-day
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