
Soybean futures fell below $12 per bushel, easing from a two-month high reached on July 15 as improving weather prospects across the US Midwest outweighed stronger-than-expected export demand. The USDA reported net new-crop soybean sales of 1.769 million metric tons for the week ended July 9, well above market expectations, with more than 1 million tons purchased by China. The agency had also announced a series of large soybean sales to China in recent days under its daily reporting system, signaling robust demand from the world’s largest importer. However, forecasts for cooler temperatures and increased rainfall across key growing areas improved crop prospects, prompting investors to lock in profits after the recent rally. Elsewhere, crude oil prices remained firm amid escalating hostilities in the Middle East and a US naval blockade in the Strait of Hormuz.




