Soybeans are trading with gains of 11 to 18 cents so far on Wednesday morning. Futures closed Tuesday with 5 to 7 cent gains across most contracts on Tuesday. Preliminary open interest rose 2,727 contracts on the day, mostly in the new crop. The cmdtyView national average Cash Bean price was up 5 3/4 cents at $11.27 1/4. Soymeal futures are up 80 cents to $1.10, with Soy Oil futures steady to 51 points lower. There were 200 deliveries issued overnight against March soybean oil. Crude oil was down $8.38 on the day,, though they did bounce $8 off the low on reports that Iran was placing mines in the waterway. They are back up $3.63 this morning.
Optimism held the market up ahead of a meeting between Secretary Bessent and Chinese counterparts this weekend in Paris. That precedes the meeting between Trump and Xi later this month.
