Soybeans rise to nearly three-year high
US soybean prices climbed to their highest level in nearly three years on Tuesday, September 1. Soybean futures on the Chicago Board of Trade (CBOT) rose 1.2% to $13.03 per bushel, reaching their highest level since December 2023.
One of the main factors supporting prices was a sharp rise in crude oil. Oil prices gained more than 2.5% in the previous session amid renewed escalation between the US and Iran.
Strong global demand for US soybeans provided additional support. According to USDA, US exporters have already received orders for 159 thsd tons of soybeans in the new marketing year, which began on September 1.
The combination of strong export demand and rising energy prices is supporting US soybean prices at the start of the new season. As a result, CBOT soybean futures have climbed to their highest levels since late 2023.
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