Soybeans Trade Near Multi-Month Lows

2026-06-23 02:27 By Joshua Ferrer 1 min. read

Soybean futures traded around $11.2 per bushel, hovering near its lowest level since February as favourable US crop weather and falling crude oil prices weighed.

Progress in ongoing US-Iran peace negotiations has improved shipping activity through the Strait of Hormuz, fueling expectations of a faster recovery in global supply and pushing crude oil prices lower.

Soybeans often track crude oil due to its use as feedstock for biofuel.

Abundant rainfall and moderate temperatures in the US Midwest have also curbed prices this month, though excess wet conditions are beginning to impede crop development.

Additional pressure came from a stronger US dollar amid mounting wagers of rate hikes this year, making US commodities more expensive for foreign buyers.

Meanwhile, the USDA's weekly crop progress report showed ratings for US soybeans unchanged from last week at 66% good-to-excellent.

Traders now look for signs of bulk Chinese purchases, following 132,000 tons of US soybeans sold last week.



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