On another volatile Sunday night for oil, soybeans are optimistic ahead of the upcoming Chinese/US summit in 10 days.

May 4, 2026

It was an interesting overnight trading session, as grains did open softer, but that did not last long. Corn and soybeans endeavored to climb back towards Friday’s highs, with soybeans exceeding them. Oil prices recovered in the evening to just post small losses, but in the early morning hours, a false story of the US naval ship being fired on with missiles and hit turned out to be fake news. Oil prices eased from an overnight high of 107.46 but still maintain a small gain for the session, as the opening of the Strait of Hormuz is not becoming as easy as Pres. Trump’s tweet on Sunday afternoon implied.