Soybeans Prices

Soybean prices averaged USD 1,202 cents per bushel in May, up 2.9% from April. On 29 May, the commodity traded at USD 1,187 cents per bushel, up 0.4% from 30 April.

In May, soybean prices hit a two-year high, fueled by higher energy, shipping and insurance costs caused by the Iran war. Adding to this, higher oil prices also pushed consumers to switch to soybean-derived biofuel, whose demand has been further boosted by the recent increase in U.S. biofuel blending mandates. More bearishly for prices, the USDA anticipates that U.S. plantings this year will shift from corn towards soy, expanding supply.