Soybeans Hold Near Multi-Week Lows

Soybean futures held around $11.5 per bushel, staying near five-week lows as traders adjusted positions ahead of the USDA’s upcoming crop report this week. The report will include the first survey-based estimate of 2026 US soybean yields and updated harvested acreage, potentially reshaping expectations for crop size and supplies. Meanwhile, weather has become less supportive, as warmer and drier conditions across parts of the Midwest raised concerns over soybean pod filling during August, adding uncertainty around US yields. While the USDA recently confirmed a private sale of 132,000 metric tons of US soybeans to China for delivery in the 2026/27 marketing year, the purchase did little to offset the bearish supply outlook. Traders now continued to monitor developments in the Black Sea region, where the ongoing Russia-Ukraine war threatened grain export routes, although expectations for another large harvest from the region continued to weigh on prices.

Soybean futures rose above $11.6 per bushel, attempting to rebound from a five-week low, supported by stronger Chinese demand and higher crude oil prices. Reports of renewed attacks in the Strait of Hormuz and the lack of clarity over a deal to reopen the critical waterway lifted oil prices. Agricultural prices often tracked energy markets due to the growing use of crop-based feedstocks in biofuel production. In addition, the USDA confirmed private sales of 132,000 metric tons of US soybeans to China for delivery in the 2026/27 marketing year beginning September 1, following Beijing's purchase of about 1 million tons of US soybeans last week. Meanwhile, ongoing hostilities between Russia and Ukraine continued to pose risks to Black Sea grain exports, although expectations of another large Black Sea harvest weighed on prices. Additional pressure came from expectations of ample global supplies, with brokerage StoneX forecasting the 2026 US soybean harvest at 4.47 billion bushels.

Soybean futures held around $11.5 per bushel, staying near a five-week low as weaker crude oil prices weighed on the vegetable oil market. Oil prices sharply declined following reports of a deal between Iran and Oman to partially reopen the Strait of Hormuz. Agricultural commodity prices often tracked energy markets due to the growing use of crop-based feedstocks in biofuel production. Additional pressure came from expectations of ample global supplies, with brokerage StoneX forecasting the 2026 US soybean harvest at 4.47 billion bushels. While the USDA recently confirmed a private sale of 132,000 metric tons of US soybeans to China for delivery in the 2026/27 marketing year, the purchase did little to offset the bearish supply outlook. Meanwhile, traders continued to monitor developments in the Black Sea region, where the ongoing Russia-Ukraine war threatened grain export routes, although expectations for another large harvest from the region continued to weigh on prices.