Soybean Futures Attempt Rebound Above $11.6 Per Bushel on Chinese Demand and Rising Oil Prices
Key Takeaways
- •Soybean futures rebounded above $11.6 per bushel after hitting a five-week low, driven by strengthening Chinese demand and higher energy prices.
- •The USDA confirmed a 132,000-metric-ton soybean sale to China for the 2026/27 marketing year, following roughly one million tons purchased by Beijing the previous week.
- •Rising crude oil prices, linked to renewed attacks in the Strait of Hormuz, bolstered oilseed values due to soybean oil's role as a feedstock for renewable diesel production.
- •Brazil has been shipping soybeans aggressively from current-crop supplies, intensifying global competition among exporters.
- •Brokerage StoneX projected the 2026 US soybean harvest at 4.47 billion bushels, reinforcing expectations of abundant global supply and exerting downward pressure on prices.
Soybean Futures Attempt Rebound Above $11.6 Per Bushel on Chinese Demand and Rising Oil Prices
Commodity News — August 7, 2026
Soybean futures climbed above $11.6 per bushel, attempting to recover from a five-week low, buoyed by strengthening Chinese demand and higher crude oil prices. The benchmark Chicago Board of Trade soybean contract has seesawed in recent weeks as bullish demand signals compete with forecasts of record-scale global supplies.
Renewed attacks in the Strait of Hormuz and uncertainty surrounding a deal to reopen the critical waterway pushed oil prices higher. Agricultural commodity prices frequently track movements in energy markets, reflecting the growing role of crop-based feedstocks in biofuel production. Soybeans in particular are processed into soybean oil, which is used as a renewable feedstock for biodiesel and renewable diesel. Expanding US renewable diesel capacity, driven in part by state-level policies such as California's Low Carbon Fuel Standard, has strengthened the linkage between energy prices and oilseed values.
The USDA confirmed private sales of 132,000 metric tons of US soybeans to China for delivery in the 2026/27 marketing year, which begins September 1. This follows Beijing's purchase of approximately 1 million tons of US soybeans during the prior week, underscoring sustained demand from the world's largest soybean importer. China accounts for roughly 60 percent of globally traded soybeans, using the crop primarily as a protein source in livestock feed for its large pork and poultry industries.
Meanwhile, the ongoing conflict between Russia and Ukraine continued to pose risks to Black Sea grain exports. However, expectations of another large harvest from the region applied downward pressure on prices. Brazil, the world's largest soybean producer and exporter, has also been shipping aggressively from its current-crop supplies, intensifying competition for global buyers.
Further bearish signals came from projections of ample global supplies. Brokerage StoneX forecast the 2026 US soybean harvest at 4.47 billion bushels, reinforcing expectations of abundant availability.
Source: Trading Economics