Soybean futures retreated to around $11.70 per bushel after briefly hitting a nearly three-year high in early March, tracking a decline in crude oil prices following President Trump’s comments that the ongoing Middle East conflict may be nearing an end.

Soybean prices had climbed on Monday as rising energy costs often ripple through agricultural markets, with crops like soybeans and corn widely used in biofuel production and attracting flows from commodity funds.

Meanwhile, US soybean ending stocks are expected to fall 6 million bushels to 344 million, according to the WASDE report.

Brazil’s soybean production is also forecast slightly lower at 179.06 million tons, down about 1 million tons.

Export inspections showed 879,190 tons of soybeans shipped in the week ending March 5, down 24% from last week.

China received 411,462 tons, Egypt 161,746 tons, and Indonesia 118,747 tons.
Source: Trading Economics