Soybean futures held above $12 per bushel, moving close to a two-year high reached on March 12, after the USDA projected tighter-than-expected US supplies for the 2026/27 marketing year, reinforcing expectations of strong biofuel-driven demand. The agency forecast soybean ending stocks at 310 million bushels, down from 340 million in 2025/26 and below expectations for an increase, while also trimming old-crop inventories. USDA also projected average soybean prices at $11.40 per bushel next season, nearly 10% above this year’s level, offering relief to US farmers hit by years of weak crop prices, excess grain supplies, trade disruptions, and elevated input costs. Soybean futures have already rallied 17% so far this year, raising hopes that farm-level cash prices could move closer to break-even levels. Additional support came from strong domestic crushing demand tied to expanding biofuel blending mandates and concerns over global oil supply disruptions linked to the Iran conflict.

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