SOYBEANS–
Soybeans had a bullish reaction to today’s crop report. July beans made a high at 1232 ¾ after the report came out, while November beans made a high at 1210. Old crop ending stocks were reduced from 350 mb last month to 340 mb. The average estimate for old crop ending stocks pre-report was 345 mb. New crop ending stocks were estimated at 310 mb, compared to the pre-report average estimate at 364 mb. The acreage 84.7 ma acreage figure is from the March Plantings report. Acreage will likely increase on the June report and bring ending stocks up. World ending stocks were significantly lower at 124.78 mmt versus the average estimate of 126.29 mmt. The China meeting is at the end of the week.
July ’26 Soybeans (ZSN26) settled at 1225 (+12.25), high of 1223.75, low of 1211.25. November Soybeans (ZSX26) settled at 1203.75 (+9), high of 1210, low of 1193. Cash price is at 1189 (+5)
July Bean Meal (ZMK26) settled at 328.6 (+3.80) high of 330, low of 323.8
July Bean Oil (ZLK26) settled at 75.29 (+1.55) high of 75.4, low of 73.72
Meal to Oil ratio (46.575% Meal – 53.425% Oil)
ZSN26 Moving Averages – (1207) 5-day, (1194) 20-day, (1191) 50-day, (1151) 100-day, (1127) 200-day
ZSX26 Moving Averages – (1187) 5-day, (1172) 20-day, (1157) 50-day, (1122) 100-day, (1102) 200-day
ZMN26 Moving Averages – (321.8) 5-day, (322.4) 20-day, (320) 50-day, (315) 100-day, (313.9) 200-day
ZLN26 Moving Averages – (74.52) 5-day, (72.63) 20-day, (68.97) 50-day, (61.75) 100-day, (56.97) 200-day
CORN –
July ’26 Corn settled at 478.75 (+3.50) (ZCN26) high of 481.75, low of 472.75. December ’26 Corn (ZCZ26) settled at 501 (+3.25). Cash price is 485 (+4)
Corn had a strange reaction today’s WASDE report, making a low at 472 ¾ before trading as high as 481 ¾. Old crop ending stocks came in at 2.142 bb, compared to the average pre-report estimate at 2.131 bb. New crop production and ending stocks came in above the pre-report estimates. New crop production was estimated at 15.995 bb, while new crop ending stocks were 1.957 bb. The average pre-report estimate for new crop ending stocks was 1.933 bb. Ending stocks may be decreased on next month’s WASDE report, if there’s a decrease to the planted acreage estimate.
ZCN26 Moving Averages – (472) 5-day, (469) 20-day, (467) 50-day, (458) 100-day, (455) 200-day
ZCZ26 Moving Averages – (494) 5-day, (489) 20-day, (485) 50-day, (472) 100-day, (466) 200-day
WHEAT –
July Chicago Wheat (ZWN26) settled at 679 (+45), with a high of 679, low of 636.75. December ‘26 Wheat (ZWZ26) settled at 709.75 (+39.75). Chicago Wheat has a cash price of 629 (+15). July KC Wheat (KEN5) settled at 731.25 (+45)
Chicago and KC finished the day limit up after trading 12 ½ cents higher in the overnight session. The crop progress report yesterday showed conditions continuing to worsen in Kansas, Colorado and Oklahoma. Old crop ending stocks were kept close to unchanged at 935 mb. The USDA made a significant cut to new crop production at 1.561 bb, compared to the estimate at 1.735 bb. New crop ending stocks were 762 mb versus the pre-report estimate at 833 mb.
ZWN26 Moving Averages – (632) 5-day, (625) 20-day, (613) 50-day, (581) 100-day, (571) 200-day
ZWZ26 Moving Averages – (667) 5-day, (659) 20-day, (644) 50-day, (612) 100-day, (602) 200-day
Walsh Trading, Inc. is registered as a Guaranteed Introducing Broker with the Commodity Futures Trading Commission and an NFA Member.
Futures and options trading involves substantial risk and is not suitable for all investors. Therefore, individuals should carefully consider their financial condition in deciding whether to trade. Option traders should be aware that the exercise of a long option will result in a futures position. The valuation of futures and options may fluctuate, and as a result, clients may lose more than their original investment. The information contained on this site is the opinion of the writer or was obtained from sources cited within the commentary. The impact on market prices due to seasonal or market cycles and current news events may already be reflected in market prices. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS. All information, communications, publications, and reports, including this specific material, used and distributed by Walsh Trading, Inc. (“WTI”) shall be construed as a solicitation for entering into a derivatives transaction. WTI does not distribute research reports, employ research analysts, or maintain a research department as defined in CFTC Regulation 1.71.