🌽 Corn: 732,070 MT
The new 2026/27 marketing year is now in focus, and early commitments sit at 7.7% of the USDA estimate, trailing the 11.2% five year average. Sales of 732K MT came in inside the estimate range, with Mexico leading at 261K MT, Colombia at 201K MT, and Portugal at 169K MT. The headline was weighed down by a 631K MT cancellation from Unknown destinations, which is common during marketing year transitions as old crop positions are cleaned up. Dec corn settled at $4.43 on Thursday, staging a sharp reversal from last week’s oversold lows near $4.05. Price has pushed above the 20 day moving average at $4.26 and the 200 day at $4.41, with the RSI surging to 71.5. The 50 day MA at $4.50 is the next resistance level, with the 52 week range spanning $3.95 to $4.86.
🌱 Soybeans: 41,786 MT
Soybean sales dropped sharply to just 42K MT, coming in below the trade estimate range and pushing new crop pace to only 5.5% of the USDA estimate, well behind the 10.9% five year average. China was the top buyer at 65K MT, but an 88K MT cancellation from Unknown weighed on the total. Mexico booked 182K MT for the new marketing year on the forward side. Nov beans settled at $11.55 on Thursday, rallying above the 20 day MA at $11.36 and the 200 day at $11.21, with the RSI at 68.6 reflecting strong momentum off the recent lows. The 50 day MA at $11.70 is the next hurdle, with the 52 week range spanning $9.85 to $12.23.
🌾 Wheat: 300,060 MT
Wheat continued its steady performance with 300K MT in current year sales, coming in inside the estimate range. Mexico led at 80K MT, with Unknown at 68K MT and Colombia at 31K MT. The 26/27 marketing year pace of 27.5% is now essentially in line with the 27.8% five year average. Jul wheat settled at $6.02 on Thursday, bouncing off the $5.80 area and reclaiming the 20 day moving average at $5.95. The 200 day at $5.63 continues to hold as solid support, while the 50 day at $6.19 remains overhead resistance. The RSI at 56.8 sits in neutral territory with the 52 week range spanning $4.95 to $6.79.
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