Chicago soybean futures collapsed on Monday, reversing the Iran war-driven rally that had helped carry the market higher.
The nearby May soybean contract tumbled the 70-cent limit to end at $11.55 ¼, taking the market down from the highest levels since May 2024 hit late last week. As can be seen on the May futures chart below, today’s losses also took the market below its pre-war close on Feb. 27 of $11.70 ¾.
July soybeans fell the daily limit as well to end at $11.67 ½, while new-crop November soybeans lost 40 ¾ cents to $11.20 ¾.
The biggest blow came from renewed uncertainty over demand from China, the world’s top soybean buyer. U.S. President Donald Trump hinted he could delay a planned summit with Chinese President Xi Jinping later this month as he pressed Beijing to help reopen the Strait of Hormuz to oil tanker traffic. That development spooked traders who feared a potential delay in talks could negatively impact Chinese purchases of American soybeans.
Soybeans also lost support from the energy side. Crude oil, which had surged during the Iran conflict and helped lift the soy complex because of soybean oil’s biofuel link, turned lower Monday, with April crude down more than $4.70 a barrel in late afternoon trade.
That encouraged profit-taking after last week’s powerful advance and accelerated the break in beans. Market commentary cited both heavy liquidation and fresh doubts about Chinese demand as the main reasons soybeans led the grain markets lower.
Chicago corn and wheat futures also suffered significant losses on Monday, although more modest than soybeans.
May Soybeans: Source – Barchart
