2026 Soybean Futures Lose Momentum After 15% Rally, Hover Near $11.18 Support

New-crop November 2026 soybean futures rebounded 15% from the Jan. 2 low of $10.5550 per bushel to a May 13 peak of $12.14, then slipped back toward the $11.50 area by June 17. Prices are now close to a key technical support level at the March 17 low of $11.18 per bushel, near the June 15 low of $11.2175. The move was fueled in part by Middle East hostilities and the closure of the Strait of Hormuz, which helped drive a surge in distillate prices and lifted soybean oil—an important biodiesel feedstock—to 79.69 cents per pound at the June 1 high. The USDA left its U.S. stocks forecast unchanged and slightly raised its projection for global ending stocks in its June WASDE report.