Commodities
Soybean Prices Plummet Under Pressure from Weaker Crude Oil
Soybean prices have taken a hit on Tuesday, with a decline of 18 to 20 cents across the board. The weakness in soybeans is attributed to pressure from weaker products, crude oil, and a wetter forecast.
The cmdtyView national average Cash Bean price has dropped by 18 1/4 cents to $11.29. Soymeal futures are down $2.90 to $3.10, while Soy Oil is trading between 62 to 75 points lower.
A total of 123 deliveries were issued against August soybeans overnight, with no activity reported for soy meal and 572 for bean oil. The decline in crude oil, which has fallen by $4.30, is also contributing to the pressure on soybean prices.