Soybean futures rose above $12 per bushel, moving back toward multi-week highs as biofuel-related demand strengthened amid rising global energy prices. The US Environmental Protection Agency finalized record Renewable Fuel Standard mandates for 2026–2027, lifting required biofuel blending volumes and boosting demand for soybean oil used in biodiesel production.

This comes as higher oil prices, driven by escalating Middle East tensions and supply risks around the Strait of Hormuz, boosted the competitiveness of biofuels. Meanwhile, Brazil, the world’s largest producer of soybeans, shipped a record 16.75 million metric tons in April, up 9.7% from a year ago and surpassing the previous high set in April 2021. The country’s 2025/26 soybean crop is also projected to reach a record near 180 million tons. Elsewhere, US planting has progressed well, with seeding at 33% complete, 10 points ahead of five-year average, while Argentina’s harvest remains slow due to continuous weather disruptions.

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