Soybeans Near May 2024 High

Soybean futures climbed toward $12.5 per bushel, approaching a break above their highest level since May 2024 as strong export demand, higher crude oil prices, and mounting weather concerns continued to underpin the market. USDA reported multiple soybean export sales to China this month, including 340,000 metric tons and 264,000 metric tons in recent weeks, alongside 256,634 tons to Mexico, highlighting robust overseas demand for US supplies. Additionally, crude oil prices remained elevated near $100 per barrel amid escalating tensions in the Middle East, improving the outlook for soybean oil demand in biofuel production. Weather risks also supported prices as hot and dry conditions in parts of Europe and the Black Sea region raised concerns over global crop prospects, while traders continued to monitor US weather during the key pod-setting stage for soybean development.

Soybeans increased to 1240.00 USd/Bu, the highest since May 2024. Over the past 4 weeks, Soybeans gained 11.81%, and in the last 12 months, it increased 23.44%.

Soybean futures jumped to around $12.4 per bushel, the highest since May 2024 as oil prices surged on escalating Middle East tensions. Crude oil prices climbed to multi-week highs after Iran-backed Houthi militants claimed attacks on two Saudi oil tankers in the Red Sea and US President Donald Trump threatened to bomb Iranian infrastructure in response to any attacks on ships transiting the Strait of Hormuz. Soybeans often track crude oil due to its use as a biofuel feedstock. Additionally, prices remain supported by strong export demand, particularly after a fresh round of large US sales to China and other buyers reported this week. USDA confirmed sales of 340,000 metric tons to China, 246,634 tons to Mexico, and 110,000 tons to an unknown destination, following another 136,000-ton sale to China earlier in the week. Meanwhile, the USDA rated 66% of US soybean crops in good-to-excellent condition, up one percentage point from the previous week and above market expectations.