FX.co ★ Soybeans Rally to 26-Month High

Soybean futures rose to about $12.50 per bushel, their highest level since May 2024, driven by robust Chinese demand for US supplies. The USDA reported a private sale of 333,000 metric tons of US soybeans to China for delivery in the 2026/27 marketing year, reinforcing a broader wave of buying by the world’s largest soybean importer.

US soybean sales for 2026/27 have already reached 1.723 million metric tons in the latest reporting week, with China accounting for 1.131 million tons—nearly two-thirds of the total. In a further sign of solid demand, China’s Sinograin sold 222,782 tons out of 290,000 tons of imported soybeans offered at auction.

Traders are also closely watching a potential late-September meeting between Presidents Trump and Xi, which could influence the outlook for agricultural trade. At the same time, concerns over US production are lending additional support to prices after the USDA’s latest crop report showed the share of soybeans rated good-to-excellent slipping to 60%, down from 61% the previous week.