Soybeans Extend Decline Near 5-Week Low
Soybean futures fell further to around $11.5 per bushel, approaching a five-week low as weaker crude oil prices weighed on the vegetable oil market. Oil prices sharply declined following reports of a potential US-Iran deal that could reopen the Strait of Hormuz. Agricultural commodity prices often tracked energy markets due to the growing use of ...
Soybean futures continued their descent, nearing a five-week low at approximately $11.5 per bushel, as oil prices slipped, impacting the vegetable oil market. The decline in oil prices followed reports of a potential U.S.-Iran agreement that may reopen the Strait of Hormuz. Commodities tend to follow energy markets due to the increasing use of crop-based feedstocks in biofuel production.
The bearish trend was also fueled by expectations of a surplus global supply of soybeans. StoneX projected the 2026 U.S. soybean harvest at 4.47 billion bushels. Although the USDA confirmed a private sale of 132,000 metric tons of U.S. soybeans to China for the 2026/27 marketing year, the move did little to alleviate concerns over the supply outlook.
Traders remained vigilant for developments in the Black Sea region, where the ongoing Russia-Ukraine conflict could disrupt grain export routes. However, forecasts of a robust harvest from the region continued to exert downward pressure on prices.
Written by urgent.news from Hellenic Shipping News's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
