05/29/2026 Traders Continue to Favor Soybeans, Soy Oil

05/29/2026 Traders Continue to Favor Soybeans, Soy Oil Morning Market Talk There will not be a morning Market talk due to tech issues.On the Grains Soybeans and soy oil traded higher overnight, with soyoil posting contract highs. Corn and wheat failed to sustain early buyer interest and are mildly weaker. Soybeans are working on modest weekly gains, while corn and wheat are poised for sharp losses. End-of-week and end-of-month positioning will come into play today, with traders monitoring geopolitical events and weather. The U.S. and Iran have reached a preliminary deal to extend a ceasefire by 60 days and discuss the future of Tehran’s nuclear program, pending President Trump’s approval. Markets are proceeding with cautious optimism, as final wording on the memorandum of understanding hasn’t been finalized, according to Iran’s semi-official Tasnim news agency. The memorandum of understanding would reportedly guarantee that shipping through the Strait of Hormuz is unrestricted and Iran would have to remove all mines from the strait within 30 days. Treasury Secretary Scott Bessent reiterated Trump’s three “red lines” required for a deal — reopening the Strait of Hormuz, Iran surrendering highly enriched uranium and ending its nuclear program. Markets anxiously wait to see if they get results…