SOYBEANS–
Soybeans were lower today after two days of higher trading. September beans may be running out of momentum being so extended from the major moving averages. Temperatures in the Midwest have warmed up again after the rain. Chinese soybean purchases were a record for the month of June at 13.55 mmt.
September ’26 Soybeans (ZSU26) settled at 1180.50 (-4.75), high of 1184.75, low of 1176.75. November Soybeans (ZSX26) settled at 1190.50 (-4.25), high of 1194, low of 1185.50. Cash price is at 1190 (+5)
September Bean Meal (ZMU26) settled at 315 (+1.00) high of 315.6, low of 311.1
September Bean Oil (ZLK26) settled at 71.66 (-.49) high of 72.73, low of 71.45
Meal to Oil ratio (47.625% Meal – 52.375% Oil)
ZSU26 Moving Averages – (1180) 5-day, (1148) 20-day, (1159) 50-day, (1153) 100-day, (1119) 200-day
ZSX26 Moving Averages – (1190) 5-day, (1161) 20-day, (1169) 50-day, (1158) 100-day, (1123) 200-day
ZMU26 Moving Averages – (314.1) 5-day, (306.2) 20-day, (311.6) 50-day, (312.7) 100-day, (314.0) 200-day
ZLU26 Moving Averages – (70.72) 5-day, (68.74) 20-day, (71.04) 50-day, (67.87) 100-day, (59.87) 200-day
CORN –
September ’26 Corn settled at 437.75 (-3.25) (ZCU26) high of 440.25, low of 434.75. December ’26 Corn (ZCZ26) settled at 459.50 (-3.75). Cash price is 454 (+1)
December corn was lower on the day today but remained above the 50 DMA. Corn conditions are still okay, with good/excellent ratings improving to 68% overall. However, the corn ratings trail last year’s figure at 74% good/excellent at this point in the year. Crude made a move back above 80 today but was unable to sustain the move.
ZCU26 Moving Averages – (437) 5-day, (427) 20-day, (447) 50-day, (456) 100-day, (452) 200-day
ZCZ26 Moving Averages – (458) 5-day, (446) 20-day, (465) 50-day, (473) 100-day, (467) 200-day
WHEAT –
September Chicago Wheat (ZWU26) settled at 644 (+8.75), with a high of 647.50, low of 629.25. December ‘26 Wheat (ZWZ26) settled at 659 (+8.50). Chicago Wheat has a cash price of 631 (-6). September KC Wheat (KEU26) settled at 677.75 (+11.50)
Wheat had a nice gain on the day as corn and beans moved lower. Wheat harvest in the US is moving ahead of last year at 67% complete, five points ahead of last year’s pace. Spring wheat is rated 58% good/excellent, very close to its 10-year average. Spring wheat conditions in Minnesota are very good. Harvest pressure may put a lid on this rally, especially with price so extended from the major moving averages.
ZWU26 Moving Averages – (629) 5-day, (609) 20-day, (625) 50-day, (621) 100-day, (592) 200-day
ZWZ26 Moving Averages – (644) 5-day, (624) 20-day, (643) 50-day, (639) 100-day, (610) 200-day
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