Soybeans Fall from 2-Week High

Soybean futures fell to around $11.2 per bushel, easing from a two-week high as a stronger US dollar and weaker oil prices outweighed expectations of Chinese demand. While the USDA reported 132,000 metric tonnes of US soybeans sold to China, overall buying pace remains slow and concerns remain that China may fall short of projected import volumes. Focus now turns on upcoming USDA crop condition reports next week for signs of stress in the US Midwest soybean belt. Recent heavy rainfalls have disrupted fieldwork, preventing timely fertilizer and crop treatments, raising concerns over potential yield impacts if wet conditions persist. Meanwhile, the US dollar strengthened after the latest Fed policy meeting reinforced bets of rate hikes this year, making US commodities more expensive for foreign buyers. Crude oil also dropped to its lowest level since the start of the Iran war after an interim deal raised expectations of improved supply flows and the reopening of the Strait of Hormuz.