On Wednesday, soybean prices fell by 17 to 21 cents, influenced by external pressures from crude oil. The cmdtyView national average cash bean price is reported at $11.24 3/4, down 19 1/2 cents. May 26 soybeans are priced at $11.75, a decline of 20 3/4 cents. Additionally, soymeal futures decreased by $1.90 to $2.70, while soy oil futures dropped by 161 to 170 points.
Crude oil also saw a significant decline, falling by $6.71, amid reports that the US and Iran are nearing a memorandum of understanding that could enhance safe passage through the Strait of Hormuz. In related agricultural data, Stats Canada reported canola stocks at 9.985 million metric tons, marking a 27.4% increase year-over-year, while bean stocks decreased by 45.7% to 1.497 million metric tons.
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