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Soybean futures rose above $11.9 per bushel, hitting their highest level in eight-weeks as escalating tensions in the Middle East and improved US crop conditions lifted prices. The USDA confirmed 65% of the nation’s soybean crop was in good or excellent condition as of Sunday, up from 64% a week earlier, as the risk of hot and dry weather loomed. Hot and mostly dry weather was forecast for the western half of the US Midwest crop belt this week and potentially extending into next week, threatening crop yield potential. Additionally, the agency reported export inspections of US soybeans in the latest week at 418,592 metric tons, in line with trade expectations for 300,000 to 600,000 tons. Elsewhere, crude oil prices continued to rise after US President Donald Trump reimposed a naval blockade on all Iranian ports and Tehran launched strikes on US infrastructure in the region. Soybeans often track crude oil due to their use as a biofuel feedstock.
