Soybean Futures Retreat from Contract Highs on Profit-Taking

Soybean futures retreated from contract highs on Monday as traders took profits and weakness in other markets weighed on prices.

The Chicago Board of Trade soybean futures reached life-of-contract highs earlier in the session, supported by rising oil prices and strong export demand.

The U.S. Department of Agriculture reported that exporters sold 159,000 metric tons of U.S. soybeans to unknown destinations, reflecting continued solid demand for exports.

Oil prices climbed more than 2% on Monday after military action between the U.S. and Iran resumed, raising concerns about potential global supply disruptions as the conflict entered its sixth month.