20.07.202603:08:59UTC+00Soybeans Hit 9-Week Top

Soybean futures rose above $12.10 per bushel to a nine-week high, driven by renewed Chinese demand for US supplies and a rally in crude oil prices. Brent crude climbed past $90 a barrel after Iran targeted vessels in the Strait of Hormuz over the weekend and the US conducted a ninth consecutive night of airstrikes, bolstering expectations for stronger biofuel demand.

Sentiment was further supported by fresh Chinese purchases, with the USDA reporting private export sales of 340,000 metric tons of US soybeans to China for delivery in the 2026/27 marketing year. However, official customs data underscored ongoing shifts in trade flows: China’s soybean imports from the US fell 20.6% year-on-year in June to 1.27 million tons, reflecting the lingering effects of past trade tensions. By contrast, shipments from Brazil increased 13.7% to 12.08 million tons, pushing China’s total soybean arrivals in June to a record 13.55 million tons.

Traders now await the USDA’s weekly Crop Progress report due later on Monday, particularly in light of recent extreme heat across key US growing regions.