Soybean futures extended their decline to around $11.50 per bushel, nearing a five-week low, as weaker crude oil prices pressured the broader vegetable oil complex. The sharp drop in oil followed reports of a potential US–Iran agreement that could reopen the Strait of Hormuz. Agricultural commodities frequently move in tandem with energy markets, reflecting the expanding use of crop-based feedstocks in biofuel production.
Sentiment was further undermined by expectations of abundant global supplies. Brokerage StoneX projected the 2026 US soybean harvest at 4.47 billion bushels, reinforcing a bearish outlook. Although the USDA recently reported a private sale of 132,000 metric tons of US soybeans to China for delivery in the 2026/27 marketing year, the deal was insufficient to meaningfully counter concerns about oversupply.
At the same time, traders kept a close eye on the Black Sea region, where the ongoing Russia–Ukraine war continues to threaten grain export corridors. Even so, forecasts for another large harvest out of the region remained a key factor weighing on prices.
