07.08.202604:23:48UTC+00Soybeans Attempt Rebound

Soybean futures climbed above $11.60 per bushel, attempting to rebound from a five-week low, supported by stronger Chinese demand and higher crude oil prices. Crude was lifted by reports of renewed attacks in the Strait of Hormuz and ongoing uncertainty over an agreement to fully reopen this critical shipping lane. Agricultural commodities often move in tandem with energy markets, reflecting the expanding use of crop-based feedstocks in biofuel production.

Additional support came from export demand: the USDA confirmed private sales of 132,000 metric tons of US soybeans to China for delivery in the 2026/27 marketing year, which begins on September 1. This follows Beijing’s purchase of roughly 1 million tons of US soybeans last week.

At the same time, the conflict between Russia and Ukraine continues to threaten Black Sea grain exports, although expectations of another large harvest from the region have capped price gains. Further downward pressure stems from forecasts of abundant global supplies, with brokerage StoneX projecting the 2026 US soybean crop at 4.47 billion bushels.