Soybean Futures Hover Below 2-Year High

Soybean futures traded around $11.6 per bushel, well below a near two-year high of $12.27 reached on March 12, as ongoing uncertainty in global trade continues to weigh on prices. Buying momentum from China slowed after an initial surge, and the postponement of a planned Trump–Xi meeting has added further doubts about future demand. In addition, Brazil has strengthened its dominance in China’s imports, with shipments in early 2026 surging more than 80% year on year, limiting upside potential for US soybeans. Still, the USDA expects China to purchase about 108 million metric tons in 2026, slightly higher than last year, underpinned by steady demand from its feed industry. Recent shipments of US soybeans to China also increased following a trade truce, with February imports reaching 1.45 million tons, the highest level since June.

Soybean futures rose to around $11.7 per bushel, recovering modestly after a sharp 5.7% drop on March 16, though prices remain under pressure from ongoing uncertainty in global trade. The USDA expects China, the world’s largest soybean importer, to purchase about 108 million metric tons in 2026, slightly higher than last year, supported by steady demand from its feed industry. Recent shipments of US soybeans to China increased following a trade truce, with February imports reaching 1.45 million tons, the highest since June. However, buying momentum has slowed after an initial surge, and the postponement of a planned Trump Xi meeting has added uncertainty over future demand. Soybean futures are heading for a weekly loss of about 4.5%, ending a six week rally. Meanwhile, Brazil continues to dominate China’s imports, with shipments in early 2026 surging more than 80% year on year.

Soybeans decreased 5% to 1164.01 USd/Bu