Soybean futures rose above $11.2 per bushel, attempting to rebound from four-month lows as a stronger US dollar was offset by firmer crude oil prices and renewed Chinese demand. The USDA confirmed last week the sale of 132,000 tons of US soybeans to China for delivery in the 2026/27 marketing year, marking the first publicly reported Chinese purchase since the May summit. Additional support came from higher crude oil prices after shipping activity through the Strait of Hormuz slowed, while early talks between US and Iran, held under a new interim agreement, got off to a shaky start. Agricultural goods tend to track crude oil movements given their linkage to biofuel demand in grains and oilseeds. Meanwhile, the US dollar remained firm after the Federal Reserve policy meeting last week reinforced expectations of rate hikes this year, making US commodities more expensive for foreign buyers. Elsewhere, excess soil moisture in southern Argentina has slowed the 2025/26 soybean harvest.

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