Soybean futures fell below $11.8 per bushel, easing from a seven-week high hit on May 4 as improved South American supply conditions offset stronger biofuel demand due to higher global energy prices.

Brazil, the world’s largest producer and exporter of soybeans, shipped a record 16.75 million metric tons in April, up 9.7% from a year earlier and surpassing the previous high of 16.1 million tons set in April 2021.

The country’s 2025/26 soybean crop is also projected to reach a record near 180 million tons, keeping prices under pressure.

Elsewhere, US planting has progressed well, with seeding at 33% complete, 10 points ahead of average as drier US weather forecasts helped ease concerns that recent Midwest storms could slow or delay seeding in some areas.

Meanwhile, renewed clashes between the US and Iran in the Strait of Hormuz heightened concerns over prolonged energy supply disruptions, pushing global oil prices higher and reinforcing demand for biofuel feedstocks such as soybeans.
Source: Trading Economics