22.04.202601:53:24UTC+00Soybeans Rise Toward 6-Week High

Soybean futures climbed toward $11.80 per bushel, nearing a six-week high, as geopolitical and trade-related uncertainties boosted biofuel demand. Persistent tensions and stalled diplomatic efforts between the US and Iran continued to push crude oil prices higher, in turn strengthening demand for soybean oil, a key feedstock for biodiesel. Market participants also remained cautiously optimistic ahead of next month’s anticipated US–China trade talks. For now, China continues to rely heavily on South America—particularly Brazil—for its soybean supplies, and Beijing has signaled plans to reduce imports of several commodities. On the supply side, Brazil’s harvest is nearing completion, while Argentina is contending with weather-related delays. In the US, growing conditions are supportive, with 12% of the soybean crop already planted, well above the five-year average. Looking ahead, traders are focused on the USDA’s key supply and demand report due May 10, as well as CONAB’s next assessment of Brazil’s crop on May 14.