Soybean futures fell to $11.7 per bushel, reaching a two-week low as a sharp decline in global energy prices weighed on biofuel-driven demand. Reports that the US and Iran were closing in on an agreement to end the war sent oil prices plunging, which pressured the soy complex given soybeans’ role as a key biodiesel feedstock.

Meanwhile, US planting has progressed well, with seeding at 33% complete, 10 points ahead of average as drier US weather forecasts helped ease concerns that recent Midwest storms could slow or delay seeding in some areas. Larger South American supply expectations also weighed, while export demand remained relatively steady, with USDA reporting net export sales of old-crop US soybeans at 258,100 metric tons for the week ended April 23, coming in toward the lower end of trade expectations of 200,000 to 600,000 tons. Traders now monitor US-China trade developments, with soybeans remaining a key focus in upcoming negotiations this month between Washington and Beijing.

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