Soybeans Hits 4-week Low

Soybean futures rose toward $11.8 per bushel, approaching a six-week high as geopolitical tensions and trade-related developments lifted demand. Ongoing tensions and uncertainty in diplomatic efforts between the US and Iran continued to drive crude oil prices higher, which in turn increased demand for soybean oil, a key feedstock in biodiesel production. Investors also remained cautiously optimistic about the expected trade talks between the US and China next month, a key demand driver. For now, China relies heavily on South America, particularly Brazil, for their soybean needs, and Beijing plans to cut back on imports of a number of commodities. On the supply side, Brazil’s harvest is nearing completion, though Argentina faces weather-related delays, while US conditions remain supportive with 12% of soybeans planted, well ahead of the five-year average. Looking ahead, traders await USDA’s key supply and demand update due May 10, alongside CONAB’s next Brazil assessment on May 14.

Soybeans decreased to 1152.00 USd/Bu, the lowest since March 2026. Over the past 4 weeks, Soybeans lost 0.77%, and in the last 12 months, it increased 11.29%.

Soybean futures hovered around $11.6 per bushel, trading in tight range below a two-year high hit on March 12, as hopes for progress toward ending the US–Iran conflict weighed on biofuel demand and improved supply prospects. Despite renewed hostilities in the Strait of Hormuz, hopes for a resolution in the Middle East conflict remained ahead of another round of talks between US and Iran. This eases pressure on crude oil prices, which tend to reduced demand for soybean oil, a key feedstock in biodiesel production. Meanwhile, the USDA raised its soybean crush forecast by 35 million bushels to a record 2.61 billion, marking a fifth straight annual high, but this was fully offset by a similar cut in exports to 1.54 billion due to stronger South American competition. In turn, ending stocks were left unchanged at 350 million bushels, broadly in line with expectations. Globally, stocks edged lower to 124.79 million metric tons, while production for Brazil and Argentina were steady.