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Soybean futures jumped to around $12.4 per bushel, the highest since May last year as oil prices surged on escalating Middle East tensions. Crude oil prices climbed to multi-week highs after Iran-backed Houthi militants claimed attacks on two Saudi oil tankers in the Red Sea and US President Donald Trump threatened to bomb Iranian infrastructure in response to any attacks on ships transiting the Strait of Hormuz. Soybeans often track crude oil due to its use as a biofuel feedstock. Additionally, prices remain supported by strong export demand, particularly after a fresh round of large Us sales to China and other buyers reported this week. USDA confirmed sales of 340,000 metric tons to China, 246,634 tons to Mexico, and 110,000 tons to an unknown destination, following another 136,000-ton sale to China earlier in the week. Meanwhile, the USDA rated 66% of US soybean crops in good-to-excellent condition, up one percentage point from the previous week and above market expectations.
