Soybeans Hold Near 5-Week Low

Soybean futures held below $11.7 per bushel, staying near a five-week low as favorable US growing conditions and strong planting progress reinforced expectations of ample supply. Improving weather across key US regions supported crop development, while recent rainfall eased drought concerns in parts of the Plains and reduced earlier planting-delay worries in the Midwest. USDA also reported planting in 18 major states at 87% complete as of late May, ahead of the five-year average, with emergence above normal at 65%, signaling a well-advanced and developing crop. Meanwhile, initial crop condition ratings came in slightly below expectations at 66% good-to-excellent, reflecting mixed regional performance. Export data showed softer weekly shipments, though China remained the top destination. China has reportedly begun placing new orders for the 2026 crop and is expected to fulfill its commitment to purchase around 25 million metric tons, reinforcing expectations of Chinese buying interest.