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Soybean Futures Near Record High on Strong Demand and Crude Oil Prices

Guavy AI Editorial Team
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Soybean futures are hovering around $12.5 per bushel, on track to break their highest level since May 2024, driven by strong export demand and elevated crude oil prices.

The US Department of Agriculture has recorded several soybean export sales to China, including 340,000 metric tons and 264,000 metric tons in recent weeks, as well as 256,634 tons destined for Mexico, highlighting robust international appetite for American supplies.

Crude oil prices remain high near $100 per barrel due to heightened tensions in the Middle East, boosting expectations for soybean oil consumption in biofuel manufacturing.

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