Soybean futures eased to about $12.13 per bushel, retreating from the more than two-year high of $12.50 hit on July 24, as a sharp drop in crude oil prices pressured agricultural markets. Crude prices slumped after the United States and Iran paused military strikes over the weekend following two weeks of hostilities, raising hopes that diplomatic efforts could de‑escalate tensions and restore shipping through the Strait of Hormuz.
Despite the pullback, worries about global crop supplies remained elevated. Heatwaves across Europe and ongoing attacks between Russia and Ukraine have disrupted agricultural trade, damaging grain infrastructure and key shipping routes. In addition, Geneva‑based vegetable oil producer Allseeds has suspended operations in Ukraine’s Odesa region amid intensified strikes on port facilities.
At the same time, discussions over measures to protect Black Sea shipping have fueled optimism that export flows may continue with only limited disruption.
