Soybean Futures Surge on Strong Demand and Rising Oil Prices
The price of soybean futures rose overnight as demand for U.S. supplies increased and oil prices climbed amid the ongoing conflict with Iran.
The USDA reported several large sales of U.S. agricultural products to overseas buyers, including 340,000 metric tons of soybeans to China for delivery in the 2026-2027 marketing year that started on September 1.
Additionally, an unnamed country purchased 100,000 tons of U.S. beans, and Mexico bought 182,880 tons of corn. Rising oil futures also supported prices overnight as the U.S.-Iran war entered its seventh month with no end in sight.