CBOT soybeans rally on weather, demand, renewed Middle East fighting
SOYB•Soybeans rise on Midwest weather worries and demand
Chicago Board of Trade soybean futures surged Monday on worries about the effect of last week's hot weather spell in the U.S. Midwest, strong demand and renewed fighting in the Middle East.
- Front-month CBOT August soybeans SQ26 settled up 21-1/2 cents at $12.26 per bushel.
- Most-active CBOT November soybeans SX26 ended up 23-1/4 cents at $12.26-1/4 per bushel.
- CBOT August soyoil BOQ6 fell 0.13 cent to 74.68 cents per pound.
- CBOT August soymeal SMQ26 ended $3.30 higher at $323.50 per short ton.
Crop outlook, oil prices and export sales support the market
Analysts expect ratings for the U.S. soybean crop to clock in at 64% good-excellent condition after a week of hot, dry weather in the U.S. Midwest. Last week, the USDA pegged soybean conditions at 65%.
However, forecasts called for less threatening temperatures next week and chances for rain.
Oil prices settled over 1% higher on Monday after volatile trading through the session, as traders weighed hopes of renewed U.S.-Iran negotiations against Yemen's Houthi imposition of a naval blockade against Saudi Arabia.
Soybean prices often follow oil prices because of soybeans' role in the production of biofuels.
The USDA reported U.S. exporters sold 264,000 metric tons of soybeans to China for 2026/2027 delivery and 110,000 metric tons of soybeans to unknown destinations.
