Both contracts saw double-digit moves in both directions this week, while Bill Moore of PRICE Futures Group cited hopes for an Iran peace treaty and Trump-Xi trade talks.
Traders are also awaiting the May WASDE report, expected to provide an early read on the 2026 crop and possible adjustments to planted acreage.
Soybeans posted especially strong gains as optimism over a potential US-China breakthrough added to broader uncertainty that has recently whipsawed agricultural markets.
As a US-China trade summit nears, could the escalating Iran conflict derail the agricultural market's recovery?
With input costs soaring, will the massive shift to soybeans actually pay off for American farmers this year?
Will upcoming US policy be enough to stabilize global food supply chains amid rising geopolitical conflict?