Soybeans Hits 13-week High

Soybean futures fell to $11.3 per bushel, pulling back from the three-month high of $11.4 reached on February 19, as tariff uncertainty hurt sentiment on US export prospects to China. Policy shifts by Donald Trump after the Supreme Court struck down his sweeping tariffs reduced expectations that China would follow through on an additional 8 million metric tons purchase he had promoted. China has already bought 12 million metric tons under an October trade truce, meeting prior commitments. With US soybeans still priced above Brazilian supplies and a large harvest underway in Brazil lowering costs, analysts question China’s incentive to secure further US cargoes without tariff pressure, limiting upside potential.

Soybeans increased to 1143.00 USd/Bu, the highest since November 2025. Over the past 4 weeks, Soybeans gained 7.35%, and in the last 12 months, it increased 9.93%.

Soybean futures hovered near $11.4 per bushel, close to their highest level in three months, supported by the one-year extension of the "Busan Truce". Under this renewed agreement between President Trump and President Xi Jinping, China has reportedly committed to purchasing 20 million metric tons of US soybeans for the current marketing year, providing a critical support floor for American producers. However, this bullish news is being tempered by the ongoing harvest in Brazil, where the National Supply Company raised its production forecast to 180 million metric tons. While recent heavy rains in South America have slowed harvest progress to roughly 21% completion and raised some quality concerns, the sheer volume of the Brazilian crop remains a primary headwind for further price appreciation. Additionally, traders are closely monitoring the latest NOPA crush report and weekly USDA export inspections, which showed China remains the primary destination for US beans.