Soybean futures fell below $11.90 per bushel, retreating further from recent two-year highs as uncertainty over global trade and geopolitical developments weighed on prices. A potential US–Iran peace deal that could reopen the Strait of Hormuz and restore flows of fuel and fertilizers critical for crop production is seen as supportive for agricultural supply, potentially boosting global grain output. However, crude oil prices rebounded on reports of fresh US strikes in southern Iran, reinforcing biofuel-related demand. Elsewhere, doubts over a US–China trade agreement weighed on prices, after Beijing did not confirm the Trump administration’s claim that it had committed to purchasing at least $17 billion in US agricultural products annually through 2028, alongside existing soybean pledges. China’s Ministry of Commerce said the two sides had only agreed on a “guiding target” to expand agricultural trade, without referencing the $17 billion figure.

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