Soybeans Prices

Soybean prices averaged USD 1,126 cents per bushel in June, down 6.3% from May. On 30 June, the commodity traded at USD 1,117 cents per bushel, down 5.9% from 29 May.

In June, soybean prices came under pressure following the U.S.–Iran truce and the reopening of the Hormuz Strait, which undercut oil prices. This price decline will have reduced input and freight costs, as well as tempered demand for biofuel, which had surged following the outbreak of the war, as higher oil prices pushed consumers to switch to soybean-derived biofuel. Moreover, improving weather in the U.S. Midwest assuaged market concerns regarding production, further weighing on prices.