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Soybean futures climbed above $11.9 an ounce, extending their rally to a seven-week high, supported by renewed Chinese demand for US supplies and higher crude oil prices. A fresh wave of US strikes on Iran following recent attacks on ships transiting the Strait of Hormuz, fueled concerns over renewed disruptions in energy supplies and drove oil prices higher. Soybeans often track crude oil due to its use as a biofuel feedstock. Elsewhere, Chinese importers stepped up purchases of US soybeans as state-owned trader Cofco reportedly booked at least six cargoes for September-October shipment, adding to the 200,000 metric tons already purchased by Chinese buyers. The renewed buying comes after the May summit between Presidents Trump and Xi Jinping, which paved the way for expanded agricultural trade. Traders now await Friday’s USDA WASDE report, which is expected to show 2026/27 soybean ending stocks rising to nearly 340 million bushels after the USDA increased planted acreage estimates.
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