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Soybean futures hovered around $11.2 per bushel, pressured near four-month lows, as favourable US crop weather conditions and falling crude oil prices weighed. Progress in ongoing US-Iran peace negotiations improved shipping activity through the Strait of Hormuz, fueling expectations of a faster recovery in global supply and pushing crude oil prices lower. Soybeans often track crude oil due to its use as feedstock for biofuel. Abundant rainfall and moderate temperatures in the US Midwest have also curbed prices this month. However, excess wet conditions are beginning to disrupt fieldwork, delaying fertilizer applications and crop treatments. Additionally, the US dollar remained firm, making soybeans more expensive for foreign buyers. Meanwhile, traders are closely monitoring signs of renewed Chinese buying. The USDA confirmed last week a 132,000-ton US soybean sale to China for delivery in the 2026/27 marketing year, the first publicly reported Chinese purchase since the May summit.
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