SOYBEANS–
Soybeans continued their move lower after selling off yesterday. Soybean meal lost the trendline supported mentioned yesterday. The next level of support for July meal is 311. Crude oil breaking lower has dragged the grains down with it. Soybeans likely have a lot of room to move lower, especially if the China meeting fails to create new demand. It’s possible to see more bean acres added as well.
July ’26 Soybeans (ZSN26) settled at 1210.25 (-12.50), high of 1214.75, low of 1189.75. November Soybeans (ZSX26) settled at 1174.75 (-14.75), high of 1190.75, low of 1171.25. Cash price is at 1186 (-12)
July Bean Meal (ZMK26) settled at 317.1 (-3.30) high of 323.4, low of 317
July Bean Oil (ZLK26) settled at 75.92 (-1.99) high of 76.79, low of 74.3
Meal to Oil ratio (45.825% Meal – 54.175% Oil)
ZSN26 Moving Averages – (1205) 5-day, (1189) 20-day, (1188) 50-day, (1147) 100-day, (1124) 200-day
ZSX26 Moving Averages – (1183) 5-day, (1164) 20-day, (1152) 50-day, (1118) 100-day, (1099) 200-day
ZMN26 Moving Averages – (319.4) 5-day, (322.9) 20-day, (319.9) 50-day, (314.7) 100-day, (313.5) 200-day
ZLN26 Moving Averages – (75.63) 5-day, (71.11) 20-day, (67.96) 50-day, (60.81) 100-day, (56.58) 200-day
CORN –
July ’26 Corn settled at 468 (-12) (ZCN26) high of 479.50, low of 467.50. December ’26 Corn (ZCZ26) settled at 489.25 (-11.25). Cash price is 483 (-2)
Corn was pressured today by weakness in crude oil. There was also likely some hedging pressure with December corn above 500 yesterday. The corn chart looks pretty broken now and may trade sideways/lower in the near-term. Rain over the next couple weeks is expected to slow planting pace, however no major issues are expected. December corn has support at 480.
ZCN26 Moving Averages – (477) 5-day, (465) 20-day, (466) 50-day, (457) 100-day, (454) 200-day
ZCZ26 Moving Averages – (497) 5-day, (485) 20-day, (483) 50-day, (471) 100-day, (465) 200-day
WHEAT –
July Chicago Wheat (ZWN26) settled at 628.50 (-10), with a high of 628.25, low of 606.75. December ‘26 Wheat (ZWZ26) settled at 654 (-11). Chicago Wheat has a cash price of 621 (-13). July KC Wheat (KEN5) settled at 687.50 (-2.50)
After making a high at 671 ¾ on April 29 wheat has fallen hard. July KC wheat was only down 2 ½ cents today. My opinion is there was a lot of buying in the grains from speculators and now that is unwinding. The Plains are expected to be cooler and the near-term which could add some weather premium back into the market. July wheat has support at today’s low 606 ¾.
ZWN26 Moving Averages – (632) 5-day, (616) 20-day, (609) 50-day, (577) 100-day, (570) 200-day
ZWZ26 Moving Averages – (668) 5-day, (648) 20-day, (640) 50-day, (608) 100-day, (601) 200-day
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