09.03.202603:32:28UTC+00Soybean Futures Hit Nearly 3-Year High

Soybean futures climbed to about $12.10 per bushel in early March, rising for a third straight session and marking their highest level since May 2024, driven largely by a sharp rally in soybean oil. Soybean oil gained more than 4% after fuel supply disruptions linked to heightened tensions in the Middle East boosted its use in biodiesel and stoked fears of tighter availability for agricultural commodities. Market anxiety intensified after Qatar’s energy minister cautioned that Gulf producers could halt exports within weeks, a scenario that could propel crude oil prices toward $150 per barrel. Higher energy costs typically spill over into agricultural markets, as crops such as soybeans and corn are key biofuel feedstocks and often attract increased inflows from commodity funds. At the same time, Brazilian farmers are harvesting a record soybean crop, a development that may curb China’s demand for US-origin supplies, even as global geopolitical strains keep markets on edge.