SOYBEANS–
Soybeans finished the overnight session 2 ¼ cents higher and reversed slightly higher during today’s session. The Midwest is not as dry as the Plains, however the drought monitor was up 1 point this week to 30% under drought. Last year at this time, the drought rating was 21%. July beans failed to close above resistance at 1180 today.
July ’26 Soybeans (ZSN26) settled at 1176.75 (+2), high of 1179.25, low of 1171.25. November Soybeans (ZSX26) settled at 1154.50 (-.50), high of 1157.75, low of 1151.50. Cash price is at 1138 (-5)
July Bean Meal (ZMK26) settled at 319.1 (+2.60) high of 319.5, low of 316.3
July Bean Oil (ZLK26) settled at 71.24 (+.19) high of 71.62, low of 70.68
Meal to Oil ratio (47.425% Meal – 52.575% Oil)
ZSN26 Moving Averages – (1181) 5-day, (1180) 20-day, (1182) 50-day, (1142) 100-day, (1119) 200-day
ZSX26 Moving Averages – (1158) 5-day, (1153) 20-day, (1142) 50-day, (1113) 100-day, (1094) 200-day
ZMN26 Moving Averages – (318.9) 5-day, (319.6) 20-day, (318.9) 50-day, (314.8) 100-day, (312.7) 200-day
ZLN26 Moving Averages – (70.87) 5-day, (68.64) 20-day, (65.49) 50-day, (59.06) 100-day, (55.75) 200-day
CORN –
July ’26 Corn settled at 463.50 (-.25) (ZCN26) high of 466.25, low of 462. December ’26 Corn (ZCZ26) settled at 484.25 (+.75). Cash price is 458 (+0.50)
Corn had two quiet sessions in a row. July corn failed to close above the resistance at 465 today. Corn areas under drought were up 1 point this week to 27%. Corn areas under drought are similar to last year’s rating at 26%. Corn and soybean markets have been quieter lately. Volatility may increase heading into Trump’s meeting with China in mid-May. Strength in wheat may continue to support corn going forward.
ZCN26 Moving Averages – (462) 5-day, (460) 20-day, (461) 50-day, (455) 100-day, (453) 200-day
ZCZ26 Moving Averages – (482) 5-day, (479) 20-day, (478) 50-day, (468) 100-day, (463) 200-day
WHEAT –
July Chicago Wheat (ZWN26) settled at 616.25 (-4), with a high of 625.25, low of 611. December ‘26 Wheat (ZWZ26) settled at 648.75 (-3). Chicago Wheat has a cash price of 613 (+11). July KC Wheat (KEN5) settled at 668.50 (-10.75)
There was some profit taking going on in wheat today after July wheat made a high at 625 ¼ in the overnight session. And KC had a large move higher yesterday. Chicago wheat made a low at 611 this morning, but closed above the 615 resistance level. Even with rain, many wheat acres in the Plains may be too far gone. Wheat still looks strong and another leg higher may still be possible.
ZWN26 Moving Averages – (612) 5-day, (605) 20-day, (598) 50-day, (570) 100-day, (568) 200-day
ZWZ26 Moving Averages – (644) 5-day, (636) 20-day, (628) 50-day, (601) 100-day, (599) 200-day
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