Soybean prices saw a significant rise on Tuesday, with the cmdtyView national average cash bean price increasing by 9 1/4 cents to $11.11 3/4. May 26 soybeans closed at $11.74 1/2, up 8 3/4 cents, while July 26 soybeans closed at $11.90 1/4, up 8 1/2 cents.
As of April 19, the U.S. soybean crop was reported at 12% planted, exceeding both the 5% average for this time of year and the 7% from last year. However, planting progress may be affected in the coming week due to 1 to 3 inches of rainfall expected from the Central Plains to the East Coast.
Additionally, D4 RIN values have risen to their highest levels since late 2022, contributing to increased demand for soybean oil as a renewable feedstock.
