Soybeans Rise to 5-Week High
2026-07-06 03:54
By
Joshua Ferrer
1 min. read
Soybeans climbed to above $11.8 per bushel, hitting a five-week high as mixed US Midwest weather forecasts drove uncertainty, while hopes for stronger Chinese demand continued to support prices.
Markets remained focused on forecasts showing above-normal temperatures through mid-July, a critical period for crop development, even as improved rainfall prospects clouded the yield outlook.
The market also found support from a sharp rally in soymeal, while USDA's latest acreage estimate, which raised soybean plantings to 85.37 million acres, was largely viewed as already priced in.
Investors are now awaiting the USDA's weekly export sales report for confirmation of rumored Chinese purchases after a recent report showed 200,000 metric tons sold to China and 529,000 metric tons to unknown destinations for the 2026-27 marketing year.
Additional support came from a decline in the US dollar as expectations of rate hikes eased, making commodities cheaper for foreign buyers.