SOYBEANS–
Soybeans closed lower on the day today. The May chart looks like it has strong resistance above. Harvest in Brazil is nearing completion at 90% harvested. CONAB estimates Brazil’s crop at 179.152 mmt. If CONAB’s estimate materializes that would be a new record crop for Brazil, and a 4.5% production increase from 2025.
May ’26 Soybeans (ZSK26) settled at 1156.50 (-5.75), high of 1168.5, low of 1156. November Soybeans (ZSX26) settled at 1142.25 (-7.50), high of 1153.5, low of 1141.75. Cash price is at 1132 (-13)
May Bean Meal (ZMK26) settled at 329.5 (-2.40) high of 339.6, low of 329.1
May Bean Oil (ZLK26) settled at 66.37 (-.13) high of 66.64, low of 65.51
Meal to Oil ratio (49.725% Meal – 50.275% Oil)
ZSK26 Moving Averages – (1164) 5-day, (1164) 20-day, (1160) 50-day, (1128) 100-day, (1104) 200-day
ZSX26 Moving Averages – (1151) 5-day, (1148) 20-day, (1132) 50-day, (1110) 100-day, (1090) 200-day
ZMK26 Moving Averages – (325.0) 5-day, (320.9) 20-day, (315.3) 50-day, (312.7) 100-day, (308.1) 200-day
ZLK26 Moving Averages – (67.03) 5-day, (67.22) 20-day, (63.38) 50-day, (57.54) 100-day, (55.11) 200-day
CORN –
May ’26 Corn settled at 443 (+2.75) (ZCK26) high of 446, low of 440.25. December ’26 Corn (ZCZ26) settled at 470.50 (-.50). Cash price is 444 (-0.75)
Corn finished the day slightly positive, with some support from the strength in wheat. Planting is estimated at 5% complete. CONAB estimates Brazil’s total corn production at 139.572 mmt, which is 1% higher than the March estimate but 1% below 2025. May corn made a high at 476 on March 9, with the spike in crude. Corn tried to take out that high in mid-March but failed to make new highs. Since then, corn has reversed and traded below the 14, 21, and 50 DMA. The next support for corn is 435.
ZCK26 Moving Averages – (443) 5-day, (455) 20-day, (449) 50-day, (447) 100-day, (446) 200-day
ZCZ26 Moving Averages – (472) 5-day, (483) 20-day, (474) 50-day, (467) 100-day, (462) 200-day
WHEAT –
May Chicago Wheat (ZWK26) settled at 593.25 (+11), with a high of 594.25, low of 578.5. December ‘26 Wheat (ZWZ26) settled at 631.50 (+10.50). Chicago Wheat has a cash price of 584 (+10). May KC Wheat (KEK5) settled at 624.75 (+21.5)
Wheat had a higher close again today, even though crude traded lower. KC led Chicago on the move up. 55% of Kansas is under drought, and good/excellent ratings are falling. 34% of winter wheat is rated good/excellent, compared to 47% last year. Poor crop rating should support wheat in the near-term. Wheat has a lot room to run on the chart. May wheat is forming a similar pattern to the previous rally to 641 ¾ in early March.
ZWK26 Moving Averages – (580) 5-day, (594) 20-day, (579) 50-day, (556) 100-day, (559) 200-day
ZWZ26 Moving Averages – (620) 5-day, (635) 20-day, (619) 50-day, (597) 100-day, (599) 200-day
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