Soybean futures climbed above $11.20 per bushel, attempting to recover from four‑month lows as support from firmer crude oil prices and renewed Chinese demand offset pressure from a stronger US dollar. The USDA last week confirmed the sale of 132,000 tons of US soybeans to China for delivery in the 2026/27 marketing year, the first publicly reported Chinese purchase since the May summit.
Prices also drew support from higher crude oil quotations after shipping through the Strait of Hormuz slowed, while initial talks between the US and Iran under a new interim agreement got off to a shaky start. Agricultural commodities often track crude oil because of their role in biofuel production, linking grain and oilseed demand to energy markets.
At the same time, the US dollar remained firm after last week’s Federal Reserve meeting reinforced expectations of interest rate hikes this year, making US commodities relatively more expensive for overseas buyers. Elsewhere, excess soil moisture in southern Argentina has delayed the 2025/26 soybean harvest.
