SOYBEANS–
Soybeans closed lower on Thursday. Soybeans have been trading largely sideways since the limit down day on March 16, while meal and soybean oil prices remain high. The market is likely waiting on the meeting between Trump and China next month before making its next move. The weekly chart shows May beans closing at its resistance level.
May ’26 Soybeans (ZSK26) settled at 1162.50 (-4.50), high of 1170, low of 1162.50. November Soybeans (ZSX26) settled at 1154.50 (unchanged), high of 1161, low of 1151.75. Cash price is at 1140 (+11)
May Bean Meal (ZMK26) settled at 332.50 (-1.90) high of 335, low of 331
May Bean Oil (ZLK26) settled at 69.29 (+1.69) high of 69.69, low of 67.36
Meal to Oil ratio (49.725% Meal – 50.275% Oil)
ZSK26 Moving Averages – (1165) 5-day, (1164) 20-day, (1163) 50-day, (1128) 100-day, (1105) 200-day
ZSX26 Moving Averages – (1152) 5-day, (1150) 20-day, (1135) 50-day, (1110) 100-day, (1091) 200-day
ZMK26 Moving Averages – (332.1) 5-day, (322.6) 20-day, (316.8) 50-day, (312.7) 100-day, (308.4) 200-day
ZLK26 Moving Averages – (67.39) 5-day, (67.50) 20-day, (63.95) 50-day, (57.85) 100-day, (55.27) 200-day
CORN –
May ’26 Corn settled at 448.75 (-2.50) (ZCK26) high of 452.75, low of 448.75. December ’26 Corn (ZCZ26) settled at 476.50 (-1.50). Cash price is 455 (+8)
Corn was unable to close higher with crude today. Exports this morning were the largest in 6 weeks at 1.4 mmt but still 10% below this time last year. CONAB estimates Brazil’s total corn production at 139.572 mmt, which is 1% higher than the March estimate but 1% below 2025. CONAB’s estimate for Brazil is 7.6 mmt higher than the USDA.
ZCK26 Moving Averages – (444) 5-day, (454) 20-day, (449) 50-day, (447) 100-day, (446) 200-day
ZCZ26 Moving Averages – (473) 5-day, (482) 20-day, (475 50-day, (467) 100-day, (462) 200-day
WHEAT –
May Chicago Wheat (ZWK26) settled at 600.50 (+6.75), with a high of 610, low of 590.75. December ‘26 Wheat (ZWZ26) settled at 637.75 (+5.75). Chicago Wheat has a cash price of 596 (+4). May KC Wheat (KEK5) settled at 644.75 (+19.25)
Wheat closed higher today and is still in an uptrend sparked by dry weather in the central US. KC wheat led Chicago higher again today. The ongoing drought is raising crop damage risks, especially in places like Kansas. May Chicago wheat is still well off its high at 641 ¾ but wheat was able to close above 600 today. The next resistance is in May Chicago wheat is 615.
ZWK26 Moving Averages – (587) 5-day, (594) 20-day, (581) 50-day, (557) 100-day, (559) 200-day
ZWZ26 Moving Averages – (626) 5-day, (635) 20-day, (621) 50-day, (598) 100-day, (599) 200-day
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