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Soybean futures rose above $11.6 per bushel, attempting to rebound from a five-week low, supported by stronger Chinese demand and higher crude oil prices. Reports of renewed attacks in the Strait of Hormuz and the lack of clarity over a deal to reopen the critical waterway lifted oil prices. Agricultural prices often tracked energy markets due to the growing use of crop-based feedstocks in biofuel production. In addition, the USDA confirmed private sales of 132,000 metric tons of US soybeans to China for delivery in the 2026/27 marketing year beginning September 1, following Beijing’s purchase of about 1 million tons of US soybeans last week. Meanwhile, ongoing hostilities between Russia and Ukraine continued to pose risks to Black Sea grain exports, although expectations of another large Black Sea harvest weighed on prices. Additional pressure came from expectations of ample global supplies, with brokerage StoneX forecasting the 2026 US soybean harvest at 4.47 billion bushels.
