FX.co ★ Soybeans Rise Above $13

Soybean futures climbed above $13.00 per bushel, nearing their highest level since December 2023, supported by renewed Chinese buying and signs of tightening crop conditions. Private exporters reported new sales of 202,000 metric tons of US soybeans to China for delivery in the 2026/27 marketing year, following a 136,000-ton purchase the previous day. These latest deals bring total Chinese purchases announced since the start of September to 338,000 tons, bolstering expectations for stronger US export demand as the new marketing year begins. Looking ahead, a potential late-September meeting between Trump and Xi could prove influential for agricultural trade. At the same time, the latest USDA crop-progress report showed a further deterioration in US soybean conditions, with the good-to-excellent rating declining by two percentage points in the week ended August 30, heightening supply concerns ahead of harvest. Traders now await the USDA’s weekly export-sales report for additional insight into overseas demand, particularly from China.