CBOT soybeans climb on US crop weather outlook, soaring crude oil

- Chicago Board of Trade soybean futures ended firmer on Monday after reaching their highest levels since late May during the session, buoyed by forecasts for stressful Midwest crop weather and soaring crude oil futures, brokers said.

  • CBOT August soybeans SQ26 settled up 5 cents, or 0.4%, at $11.96-3/4 a bushel.

  • Benchmark November soybeans SX26 ended up 4 cents, or 0.3%, at $11.94-3/4 a bushel, after reaching $12.07-1/4, the contract's highest since May 19.

  • CBOT August soyoil BOQ6 jumped 2.36 cents, or 3.4%, to finish at 72.82 cents per pound.

  • CBOT soymeal futures bucked the firm trend, closing lower on oil/meal spreading. August soymeal SMQ26 ended down $3.20, or 1.0%, at $317.20 per short ton.

  • Hot and mostly dry weather was forecast for the western half of the U.S. Midwest crop belt this week and potentially extending into next week, threatening crop yield potential.

  • Crude oil CLc1 surged more than 8% after U.S. President Donald Trump said the United States was reinstating a naval blockade on Iran, reigniting concerns over energy shipments through the Strait of Hormuz. O/R

  • Soybeans and soyoil futures sometimes track crude due to soyoil's role as a feedstock for biodiesel.

  • The U.S. Department of Agriculture confirmed private sales of 136,000 metric tons of U.S. soybeans to China for delivery in the 2026/27 marketing year. The announcement was the latest in a series of U.S. soy sales to China that began last week.

  • Ahead of the USDA's weekly crop progress report due later on Monday, analysts surveyed by Reuters on average expected the government to rate 64% of the U.S. soybean crop in good-to-excellent condition, unchanged from the previous week.

  • The USDA reported export inspections of U.S. soybeans in the latest week at 418,592 metric tons, in line with trade expectations for 300,000 to 600,000 tons. USDA/I