Soybean futures are experiencing a decline across most contracts on Wednesday, March 26, 2023, despite closing 5 to 7 cents higher in a late session rally. The March soybean futures closed at $11.55 3/4, an increase of 5 3/4 cents, while nearby cash prices rose by 6 1/4 cents to $10.97 1/2. Open interest increased by 11,056 contracts, indicating activity mainly in new crop months, with an additional 244 deliveries issued overnight.
On the broader market front, the situation in the Middle East is affecting trading dynamics as China calls for a cessation of military operations. US and Chinese trade officials are scheduled to meet in mid-March to set the agenda for the upcoming Trump/Xi meeting.
