Soybean Futures Climb to Fresh 15-Month High

Soybean futures fell around $11.1 per bushel, extending their decline to a fresh four-month low, pressured by favorable US crop weather and a lack of renewed Chinese demand for US supplies. The absence of visible Chinese buying activity has disappointed traders who had anticipated stronger export demand following the announcement in May that China would buy $17 billion worth of US agricultural products annually in addition to the 25 million metric tons of soybeans already committed. Meanwhile, favorable weather across the US Midwest continued to reinforce expectations for strong crop development, while the likelihood of a sharp increase in planted acreage raised prospects for a record harvest. USDA's weekly crop ratings are expected to show improvement from the prior week's 66% good-to-excellent rating, while planting progress reached 87% complete as of May 31. Elsewhere, Argentina's soybean harvest was 91.7% complete, while soaring fertilizer costs are pressuring Brazilian farmers.

Soybean futures slid around $11.2 per bushel, hitting a four-month low as favorable US growing conditions and strong planting progress reinforced expectations of ample supply. Improving weather across key US regions supported crop development, while recent rainfall eased drought concerns in parts of the Plains and reduced earlier planting-delay worries in the Midwest. USDA also reported planting at 87% complete as of late May, ahead of the five-year average, with emergence above normal at 65%. Meanwhile, crop condition ratings came in slightly below expectations at 66% good-to-excellent, reflecting mixed regional performance. Export outlook remains weak, with US soybean shipments expected to decline about 344 million from fiscal 2025 as China continues to be a key but inconsistent buyer. US exporters have been disappointed that no sizeable new corn purchases from China have been reported so far, despite political signals in mid-May that suggested larger Chinese agricultural imports.

Soybean futures held below $11.7 per bushel, staying near a five-week low as favorable US growing conditions and strong planting progress reinforced expectations of ample supply. Improving weather across key US regions supported crop development, while recent rainfall eased drought concerns in parts of the Plains and reduced earlier planting-delay worries in the Midwest. USDA also reported planting in 18 major states at 87% complete as of late May, ahead of the five-year average, with emergence above normal at 65%, signaling a well-advanced and developing crop. Meanwhile, initial crop condition ratings came in slightly below expectations at 66% good-to-excellent, reflecting mixed regional performance. Export data showed softer weekly shipments, though China remained the top destination. China has reportedly begun placing new orders for the 2026 crop and is expected to fulfill its commitment to purchase around 25 million metric tons, reinforcing expectations of Chinese buying interest.