Soybean futures climbed above $12 per bushel, marking a three-week high, as robust crushing activity and firmer crude oil prices underpinned the market. Data from the National Oilseed Processors Association showed its members crushed 216.647 million bushels of US soybeans in July, up 1.1% from June and 10.7% from a year earlier. Even so, the daily crush pace slipped to 6.989 million bushels from 7.145 million in the prior month.
Traders are now looking to the Pro Farmer Crop Tour for fresh insight into US soybean yields after the USDA cut its official yield projections last week. At the same time, heavy rainfall across the Midwest has heightened worries about excessive moisture and deteriorating crop conditions.
Chinese demand is also lending support, with traders reporting that China has already booked roughly 7 million metric tons of US soybeans. In the broader agricultural complex, supply disruptions in the Black Sea region—particularly reduced grain loadings at Russian ports and ongoing interruptions to Russian and Ukrainian shipments—are providing additional support to prices.
