Soybean futures climbed above $11.90 per bushel, reaching an eight-week high as escalating tensions in the Middle East and improving US crop conditions supported prices. The USDA reported that 65% of the US soybean crop was rated in good or excellent condition as of Sunday, up from 64% the previous week. The agency also said export inspections for US soybeans totaled 418,592 metric tons in the latest week, broadly in line with market expectations of 300,000 to 600,000 tons.
In energy markets, crude oil prices continued to advance after US President Donald Trump reinstated a naval blockade on all Iranian ports and Tehran responded with strikes on US infrastructure in the region. Soybean prices often move in tandem with crude oil because soybeans are a key feedstock for biofuel production.
At the same time, forecasts called for hot, mostly dry weather across the western half of the US Midwest crop belt this week, with similar conditions potentially extending into next week, raising concerns about yield prospects.
