Soybean futures were trading around $11.60 per bushel, holding below the nearly two-year high reached on March 12, as traders remained cautious amid ongoing geopolitical and trade uncertainty. Markets are focused on US President Trump’s long-anticipated visit to China, the world’s largest soybean importer. Originally delayed due to the escalating conflict in the Middle East, the trip has been rescheduled for May 14–15, with talks alongside President Xi Jinping expected to address trade, tariffs, and broader economic relations—key factors for shaping demand expectations.
On the supply side, US farmers are expected to expand soybean plantings while reducing corn acreage, as elevated fertilizer and fuel costs make soybeans relatively more attractive to grow. At the same time, rising energy prices are pushing input costs higher across the agricultural sector, clouding the production outlook. Stronger biofuel blending mandates are also underpinning demand for soybean oil, helping to counter more muted export interest and keeping soybean prices confined to a relatively narrow trading range.