Soybean futures hovered around $11.20 per bushel, trading near four-month lows as favorable US crop weather and weaker crude oil prices pressured the market. Progress in ongoing US–Iran peace talks has improved shipping flows through the Strait of Hormuz, bolstering expectations of a faster recovery in global supply and driving crude prices lower. Soybeans often move in tandem with crude oil because they are a key feedstock for biofuel.
In the US Midwest, ample rainfall and moderate temperatures have further weighed on soybean prices this month. However, excessively wet conditions are starting to disrupt fieldwork, delaying fertilizer applications and crop treatments. A firm US dollar is adding to the bearish tone, making American soybeans more expensive for overseas buyers.
At the same time, traders are watching closely for signs of renewed Chinese demand. The USDA last week confirmed a 132,000-tonne sale of US soybeans to China for 2026/27 delivery, marking the first publicly reported Chinese purchase since the May summit.
