Soybean futures climbed above $11.70 per bushel after USDA data confirmed a sharp drawdown in inventories and notable shifts in planting intentions amid the ongoing conflict in the Middle East. The USDA Grain Stocks report showed that US soybean inventories fell to 2.10 billion bushels in the first quarter of 2026, a substantial decline from 3.29 billion bushels previously, as global supply chains were disrupted by the effective closure of the Strait of Hormuz.
The bullish tone was partly tempered by the USDA’s Prospective Plantings report, which indicated that US farmers plan to increase soybean acreage to 84.70 million acres for the 2026 season. Although higher fertilizer and fuel costs stemming from the five-week war in the Persian Gulf have made soybeans relatively more attractive than corn, market attention remains centered on the upcoming trade negotiations between President Trump and China.
