Source: Ukragroconsult (Ukraine)
Chicago soybean futures highest 2024 levels were reached as prices hit their highest since mid-2024 on Thursday. Moreover, this surge was driven by speculative buying and fund investments amid a surge in oil prices following Iranian attacks, which fueled fears of a protracted conflict in the Middle East.
Chicago Soybean Futures Highest 2024: Price Milestones and Market Activity
US soybean futures rose to their highest level since mid-2024 on Thursday. Furthermore, higher oil prices could support soybean production, as soybean oil is widely used to make biodiesel. Soybean processing margins also rose, thanks to stronger prices for soybean oil, a key feedstock for biodiesel production.
On the CBOT, May soybean futures closed at $12.28-1/4 a bushel, up 13-1/4 cents after reaching a contract high of $12.38-3/4. Additionally, this was the highest level for the most actively traded contract since May 28, 2024. During the trading session, most soybean contracts reached new lifetime highs.
On the CBOT, May soybean oil futures rose 0.26 cents to close at 67.42 cents per pound. Meanwhile, May soybean meal futures rose $4.80 to close at $320.20 per short ton.
Export Data and Trade Context
According to the U.S. Department of Agriculture, U.S. soybean export sales for the 2025/26 season totaled 456,700 metric tons for the week ending March 5, down 2% from the average for the previous four weeks. Consequently, season-to-date sales remain nearly 19% lower than a year earlier.
The U.S. Department of Agriculture reported that net export sales of US soybeans for the week ending March 5 totaled 466,258 metric tons, in line with analyst forecasts and the highest in three weeks.
Investors are adjusting their positions in hopes of a breakthrough in upcoming trade talks between the United States and China, the largest soybean importer.
Broader Grains Complex and Wheat
Wheat futures on the Chicago Mercantile Exchange rose for the second straight session on Thursday, driven by buying by funds and speculative investors linked to a sharp rise in oil prices as the war in the Middle East continues to escalate.
On the CBOT, May soft red winter wheat futures rose 3.3/4 cents to $5.94.3/4 per bushel. Additionally, European wheat futures rose for the second straight day on Thursday, helped by oil prices.
Consulting firm Expana has lowered its forecast for European Union soft wheat exports in 2025/26 for the fifth month in a row, after reducing projected wheat and barley shipments to the Middle East due to the war in the region.
Corn and Vegetable Oil Markets
Corn futures on the Chicago Mercantile Exchange strengthened for the second straight session on Thursday, as buying by funds and speculators linked to the sharp rise in oil prices more than offset pressure from ample global grain supplies.
The U.S. Department of Agriculture reported net export sales of U.S. corn for the week ending March 5 at 1,503,776 metric tons, down 31% from the previous week but in line with analyst forecasts. Furthermore, season-to-date sales remain nearly 32% higher than last year.
May corn futures on the CBOT closed at $4.62-1/2 per bushel, up 2.25 cents.
Rising oil prices amid the ongoing conflict in the Middle East continued to support global vegetable oil markets. Meanwhile, European rapeseed oil and Malaysian palm oil rose.