Soybean prices are experiencing mixed action, with front months rising 1 to 2 cents while deferred contracts decline slightly. The cmdtyView national average cash bean price increased by 2.25 cents to $10.92. Soymeal futures gained 50 cents to $1, and soy oil futures fell by 190 to 204 points.
In crude oil markets, prices dropped by $18.32 midday following a two-week ceasefire between Iran and the U.S., which included the reopening of the Strait of Hormuz. President Trump announced that any country supplying military weapons to Iran will face immediate tariffs of 50%.
The USDA will release its monthly WASDE report on Thursday, with analysts predicting minimal changes to the U.S. soybean carryout at 349 million bushels compared to 350 million in March. Export sales data is anticipated, with old crop bean sales expected between 200,000-600,000 metric tons.
