Soybeans Fall to Over 1-Week Low

Soybeans eased to $12.90 a bushel, their lowest level in more than a week, as traders turned their attention to Friday’s US Department of Agriculture supply-and-demand forecasts for an indication of weather damage to Midwest crops. The USDA’s latest assessment showed that 58% of soybean crops were rated good to excellent, unchanged from the previous week and above expectations for a one-point decline. Despite the weaker prices, Chinese demand for US soybeans provided underlying support. On Wednesday, the USDA reported export sales of 340,000 metric tons of soybeans to China for delivery in 2026/27, alongside another 100,000 tons sold to unknown destinations. Rising oil prices have also supported soybeans, which are widely used in biofuel production, with Brent crude recently surpassing $100 a barrel. Soybeans reached $13.10 a bushel on September 1, their highest level since December 2023, amid concerns over US yields and Black Sea supply disruptions.

Soybean futures traded around $13 per bushel, near their highest level since December 2023, as fresh Chinese purchases supported demand despite weak US export sales. China has continued buying US soybeans as part of its commitment to purchase 25 million metric tons annually through 2028. The USDA confirmed a 192,000-ton fresh sale to China for 2026/27, following purchases of 202,000 tons a day earlier and 136,000 tons on September 1. US and Chinese officials are also expected to announce measures on agriculture and non-tariff barriers during President Xi Jinping’s visit to Washington this month, raising hopes for lower Chinese tariffs on US farm products. Meanwhile, the latest USDA weekly report showed a net reduction of 94,200 tons in 2025/26 soybean sales for the week ended August 27. However, accumulated exports reached 40.76 million tons, while outstanding sales stood at 1.10 million tons. New-crop demand remained firm, with 2026/27 outstanding sales at 16.28 million tons.

Soybean futures rose above $13.0 per bushel, near their highest level since December 2023 as fresh Chinese buying and signs of tightening crop conditions supported prices. Private exporters reported fresh sales of 192,000 metric tons of soybeans to China for delivery in the 2026/27 marketing year, following 202,000 tons a day earlier and 136,000 tons on Tuesday. The latest deals brought Chinese purchases announced since the start of September to 530,000 tons, reinforcing expectations for stronger US export demand as the new marketing year gets underway. Looking ahead, a potential late-September meeting between Trump and Xi could shape agricultural trade. Meanwhile, the latest USDA crop-progress report showed US soybean good-to-excellent rating fell two percentage points in the week ended August 30, adding to supply concerns ahead of the harvest. Traders now await the USDA’s weekly export-sales report for further signals on overseas demand, particularly from China.