Soybeans Rebounds After USDA Annual Report

Soybean futures rose past 11.7 dollars per bushel after USDA data confirmed a sharp reduction in inventories and shifts in planting intentions amid the ongoing conflict in the Middle East. The USDA Grain Stocks report revealed that US soybean inventories plunged to 2.10 billion bushels in the first quarter of 2026 reflecting a substantial drawdown from 3.29 billion recorded previously as global supply chains faced the effective closure of the Strait of Hormuz. This bullish momentum was partially offset by the Prospective Plantings report which showed US farmers intend to increase soybean acreage to 84.70 million acres for the 2026 season. While higher fertilizer and fuel costs from the five week war in the Persian Gulf make the oilseed relatively more attractive than corn, the market remains focused on the upcoming trade talks between President Trump and China.

Soybeans decreased to 1150.00 USd/Bu, the lowest since March 2026. Over the past 4 weeks, Soybeans gained 0.91%, and in the last 12 months, it increased 12.2%.

Soybean futures hovered around $11.6 per bushel, staying below a near two-year high reached on March 12, as investors remained cautious amid ongoing geopolitical and trade developments. Attention is on US President Trump's long-awaited visit to China, the world’s largest buyer of the oilseed. Recently postponed due to the escalating Middle East conflict, the visit has been rescheduled for May 14–15, where talks with Xi Jinping are expected to cover trade, tariffs, and agriculture, shaping demand expectations. Meanwhile, US farmers are expected to increase soybean plantings while cutting corn acreage as higher fertilizer and fuel costs make soybeans relatively more attractive. This comes as rising energy prices amid the Iran war continue to lift input costs across the farm sector, adding uncertainty to production outlooks. Stronger biofuel requirements are also supporting soybean oil consumption, helping offset cautious export demand and keeping prices range-bound.