Soybeans Hits 6-week High

Soybean futures climbed to around $11.8 per bushel, hitting a seven-week high as persistent geopolitical tensions boosted biofuel demand, while Argentine harvest delays tightened global supply conditions. Argentina accounts for a substantial share of global supply, with domestic processing targets at 41 million tonnes, and continuous rainfall in Santa Fe province has severely disrupted fieldwork. Harvest activity stalled at just 10% versus a 60% seasonal average, establishing the current 50-percentage-point deficit as a severe logistical deviation. At the same time, US soybean planting has reached 12%, though widespread rainfall forecasts are expected to disrupt fieldwork in the near term. Meanwhile, elevated energy prices tied to disruptions in the key shipping route, the Strait of Hormuz, have boosted soybean oil demand for biodiesel production. Attention now turns to upcoming US-China trade talks next month, which could provide further direction for export demand expectations.

Soybeans increased to 1180.00 USd/Bu, the highest since March 2026. Over the past 4 weeks, Soybeans gained 1.69%, and in the last 12 months, it increased 12.1%.

Soybean futures traded around $11.7 per bushel, moving sideways below a two-year high hit on March 12 as investors monitored ongoing geopolitical and trade developments. Ongoing tensions and uncertainty in diplomatic efforts between the US and Iran kept crude prices higher, which in turn increased demand for soybean oil, a key feedstock in biodiesel production. Meanwhile, investors remained cautiously optimistic about the expected US-China trade talks next month, a key driver of demand. 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.