Soybean futures price traded at $11.86 per bushel, with pressure from rising crude oil prices enhancing biofuel demand projections. This correlation may sustain market upward momentum given the interconnected commodity trends. Minnesota Gov. Tim Walz, a Democrat, signed a proclamation Monday declaring this week "Soybean Week" to underscore the role these farmers play in the state's economy. The August-loading FOB Santos premium was up by 18 cents per bu to 149 cents per bu over the August CME futures. As of this morning, soybean futures price reached $11.79 per bushel. Traders are anticipating regional import policy shifts in Southeast Asia, which could add new demand layers, tightening global availability further.
