Tension in the Middle East and Weather in the US Pressure Soybean Prices in Chicago

Soybean prices on the Chicago Board of Trade closed the week down, influenced by the truce in the conflict between Israel and Iran and good weather conditions in the United States. The bushel quotation fell to US$ 10.22 on June 26, after reaching US$ 10.74 during the first days of the war in the Middle East. According to information released by the International Center for Economic Analyses and Agricultural Market Studies (CEEMA), the decline was also caused by the good development of the North American crop, with 66% of crops in good to excellent condition. Soybean meal recorded its lowest value since 2016, quoted at US$ 270.90 per short ton. Despite good export performance — with the US having already shipped 49.1 million tons in the 2024/25 cycle —, the absence of China in purchases has generated apprehension. The Asian giant has been prioritizing soybeans from Brazil and Argentina, countries ...