Soybean futures recovered early losses ahead of WASDE.

Virginia McGathey reviews today's grain market action, highlighting a strong recovery in Soybean futures. Led by soybean oil, the market bounced back from a sharp drop at the open, with the May contract finding support after hitting a low of 1140'4 and returning to a four-week sideways pattern. In contrast, Corn futures gapped down under pressure from higher feed and fertilizer costs, as traders remain cautious ahead of tomorrow's WASDE report. Wheat futures also faced downward pressure, breaking below a month-long consolidation pattern and dropping 21 cents on news of a ceasefire with Iran. McGathey details the options open interest changes across the complex, noting a significant addition of 9,000 call options in May wheat.