Soybean futures saw declines of 2 to 4 cents on Wednesday, following losses of 6 to 9 cents the previous day. The cmdtyView national average Cash Bean price decreased by 8 cents to $10.89 1/4. Soymeal and Soy Oil futures also fell, with soymeal down $1.30 to $4.80 and soy oil down by 8 to 31 points. The USDA’s monthly WASDE report will be released Thursday, with analysts expecting minimal changes to the U.S. soybean balance sheet, estimating a carryout of 349 million bushels, slightly down from 350 million bushels in March.
In related news, crude oil prices dropped by $19.46 this morning, following a two-week ceasefire between Iran and the U.S., which includes the reopening of the Strait of Hormuz. Early this morning, President Trump warned that countries supplying military weapons to Iran would face a 50% tariff.
Brazil’s soybean exports reached 14.52 million tons in March, doubling the February total but reflecting a year-over-year decline of 1.11%.
