Soybeans Trade Near Multi-Week High

Soybeans traded above $12.20 per bushel, hovering near multi-week highs as strong demand offset a limited increase in US crop prospects. The Pro Farmer Crop Tour put the US soybean yield at just 0.6 bushels per acre above the USDA’s August estimate, implying only 53 million bushels more production, suggesting the findings may have a limited impact on the supply outlook. Instead, traders are turning their attention to weather as much of the crop still needs to mature, with flooding and disease risks in parts of the eastern Midwest adding uncertainty over final yields and harvested acreage. Demand remains a key source of support, with China and unknown destinations purchasing nearly 53 million bushels of new-crop US soybeans in recent flash sales. Traders are also watching whether strong export demand continues into the new marketing year, when Chinese imports typically increase.

Soybeans rose past $12.20 per bushel, the highest level since the more than two-year peak of $12.50 reached on July 24, supported by growing concerns over the condition of the US Midwest crop. Recent field assessments pointed to below-average soybean pod counts in Indiana and Nebraska, while excessive rainfall in parts of the region has raised further doubts about potential yields. The USDA has also recently reduced its crop estimates and lowered condition ratings, adding to supply concerns. Demand prospects are providing additional support, particularly from China. The USDA confirmed a sale of 136,000 metric tons of US soybeans to China for delivery during the 2026/27 season, while traders reported that Chinese buyers have recently booked more than 7 million tons. Strong domestic demand is also reinforcing the positive outlook, with US soybean processing in July increasing 10.7% from a year earlier.

Soybean futures rose above $12 per bushel, hitting a three-week high as stronger soybean crushing activity and higher crude oil prices supported the market. The National Oilseed Processors Association data showed members crushed 216.647 million bushels of US soybeans in July, up 1.1% from June and 10.7% from a year earlier. However, the daily crush rate eased to 6.989 million bushels from 7.145 million a month earlier. Traders now await the Pro Farmer field tour for fresh indications on US soybean yields after the USDA lowered its official yield forecasts last week. Heavy Midwest rainfall has also raised concerns over excess moisture and crop conditions. Elsewhere, Chinese demand continued to provide support, with traders reporting that China had already purchased around 7 million metric tons of US soybeans. Meanwhile, disruptions to Russian and Ukrainian grain shipments through the Black Sea, including reduced loadings at Russian ports, added broader support to agricultural markets.