Soybeans are down 2 to 4 cents early on the midweek session. Futures posted Tuesday losses of 6 to 9 cents in the nearby contracts on Tuesday. The cmdtyView national average Cash Bean price was down 8 cents at $10.89 1/4. Soymeal futures were down $1.30 to $4.80 in the front months, with Soy Oil futures down 8 to 31 points at the close.
Crude oil is down $19.46 so far this morning following a 2-week ceasefire between Iran and the US that includes the reopening of the Strait of Hormuz. Traffic was limited overnight. Early this morning President Trump posted that ‘a country supplying military weapons to Iran will be immediately tariffed” by a rate of 50%.
