Soybeans Hits 26-month High

Soybean futures climbed to around $12.5 per bushel, hitting their highest level since May 2024 as strong Chinese demand for US supplies boosted the market. USDA reported a private sale of 333,000 metric tons of US soybeans to China for 2026/27 delivery, adding to a broader wave of buying by the world’s largest soybean importer. US soybean sales for 2026/27 have already reached 1.723 million tonnes in the latest reporting week, of which China accounted for 1.131 million tonnes, or nearly two-thirds of total sales. China’s Sinograin also sold 222,782 tons of the 290,000 tons of imported soybeans through an auction, showing continued strong demand. Markets are now watching a potential late-September meeting between Presidents Trump and Xi that could shape agricultural trade. Meanwhile, concerns over the US crop are adding further support after the USDA’s latest crop report showed the share of soybeans rated good-to-excellent falling to 60% from 61% a week earlier.

Soybeans increased to 1251.00 USd/Bu, the highest since May 2024. Over the past 4 weeks, Soybeans gained 3.45%, and in the last 12 months, it increased 21.71%.

Soybean futures held above $12.2 per bushel, staying near a four-week high as weaker US crop conditions and fresh export demand supported prices. The USDA’s national soybean rating dipped over the past week, with the share of the crop rated good-to-excellent falling 1 percentage point to 60% for the week ended August 23. Although 91% of the crop had reached the pod-setting stage, traders remain focused on whether further deterioration could reduce production potential and tighten the balance sheet ahead of harvest. Meanwhile, private exporters reported a sale of 132,000 tonnes of new-crop US soybeans to an unknown destination, with traders speculating that China could be the buyer. The potential purchase comes as US-China trade tensions remain in focus, with the prospect of new US tariffs on Chinese goods adding uncertainty around future soybean demand. Markets are also watching a potential late-September meeting between Trump and Xi that could shape agricultural trade.