Soybeans are continuing the strength on Monday morning, as contracts are up 12 to 15 cents. Some contracts are 18 to 20 cents off the overnight highs. Futures rallied 16 ¾ to 21 ½ cents in the old crop contracts on Friday, as other contracts were 5 to 12 ½ cents higher. May beans were up 30 cents this week, as November rallied 18 ½ cents. Open interest was up 16,951 contracts on Friday. The cmdtyView national average Cash Bean price was up 21 1/4 cents at $11.27 3/4. Soymeal futures found some gains on Friday, up $2.20 to as much at $7.90, as May was down $3.30 this week. Soy Oil futures were 41 to 89 points higher in the front months, as May was up 473 points (7.65%) on the week.
Strikes on Iranian targets continued over the weekend, with the flow through the Strait of Hormuz effectively at a standstill. Crude oil is up $11.63 this morning, but nearly $17 off the overnight highs as G7 countries hinted at opening up 400 million barrels via strategic reserves.
