FX.co ★ Soybean Futures Hold Steady as Market Monitors China’s Purchases

Soybean futures stabilized around $11.2 per bushel, easing from a 16-month peak of $11.6 reached on November 18. This adjustment comes as investors monitor China's ongoing purchases of U.S. soybeans closely. In the wake of a recent phone call between U.S. and Chinese Presidents, China has acquired at least ten shipments of American soybeans. President Trump indicated that he has urged China to hasten and expand its imports, while U.S. Treasury Secretary Scott Bassett confirmed on Tuesday that these purchases are proceeding as planned under a three-and-a-half-year agreement committing to 87.5 million tons. On the supply front, the U.S. soybean harvest is nearly complete, with the USDA reporting 100% harvest completion as of November 23. Concurrently, Brazil's exports have shown significant growth, reaching 3.366 million tons in the first three weeks of November, which is a notable increase compared to the same period last year.