Soybeans Hit 2-Month Peak

Soybean futures climbed above $12 per bushel, hitting nearly an eight-week high as renewed Chinese buying and higher US shipments outweighed larger production. The USDA confirmed another private export sale of 264,000 metric tons of US soybeans to China for delivery in the 2026/27 marketing year, reinforcing optimism over export demand after Chinese importers resumed purchases in recent weeks. Meanwhile, the USDA’s July WASDE report projected a record 2026/27 US soybean crop of 4.475 billion bushels, up 40 million bushels from June. However, the agency left ending stocks unchanged at 310 million bushels, as a 30-million-bushel increase in export forecasts offset the larger harvest. The USDA also trimmed its outlook for global soybean ending stocks, signaling tighter world supplies than previously expected. Traders now monitored weather across key US growing regions, with localized heat and uneven rainfall expected to influence yield prospects during the critical pod-setting stage.