Soybean futures held their recent decline around $11.8 per bushel, remaining near a five-week high as traders adjusted positions ahead of the USDA’s closely watched supply-and-demand report. Due later today, the report will incorporate the agency’s end-June acreage and grain stocks estimates. Ahead of the USDA’s weekly export sales report, analysts expect net sales of old-crop US soybeans for the week ended July 2 to range from 50,000 to 500,000 metric tons, with new-crop sales seen between 150,000 and 500,000 tons. Soybean prices have risen more than 4% so far this week, supported by the USDA’s confirmation of private sales of 472,000 tons of US soybeans to China. In addition, reports indicated that Chinese state grain trader COFCO purchased at least 10 cargoes, or roughly 600,000 tons, of US soybeans this week. Higher crude oil prices also lent support amid renewed US-Iran hostilities around the Strait of Hormuz, as soybeans often track oil due to their use as a biofuel feedstock.

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