FX.co ★ Soybeans Hold Near 2-Year High

Soybean futures remained above $12 per bushel, hovering near the two-year high reached on March 12, after the USDA projected tighter-than-expected US supplies for the 2026/27 marketing year, reinforcing expectations of robust biofuel-driven demand. The agency forecast soybean ending stocks at 310 million bushels, down from 340 million in 2025/26 and below market expectations for an increase, while also cutting estimates for old-crop inventories. The USDA further projected average soybean prices at $11.40 per bushel next season, nearly 10% higher than this year’s level, offering some relief to US farmers after years of depressed crop prices, burdensome grain supplies, trade disruptions, and elevated input costs. Soybean futures have already risen 17% so far this year, fueling hopes that farm-level cash prices may approach break-even levels. Additional support has come from strong domestic crushing demand driven by expanding biofuel blending mandates and from concerns over potential global oil supply disruptions tied to the conflict involving Iran.