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Barchart
Austin Schroeder

Soybeans Shrug Off Oil Losses for Gains on Wednesday

Oil CmdtyView

Soybeans closed the Wednesday session with contracts steady to 3 ¾ cents in the green, getting support from meal. The cmdtyView national average Cash Bean price was up 4 cents at $10.93 1/4. Soymeal futures were up $2.30 to $5.20 on the day, with Soy Oil futures down 150 to 230 points on the day.

Crude oil was down $16.45 on the day following a 2-week ceasefire between Iran and the US that includes the reopening of the Strait of Hormuz. Early this morning President Trump posted that ‘a country supply military weapons to Iran will be immediately tariffed” by a rate of 50%.  

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