FX.co ★ Soybean Futures Edge Higher on Chinese Demand

Soybean futures have risen to approximately $11.30 per bushel, nearing a one-week high, largely due to increased purchases by China. Market reports indicate that China has acquired at least 10 shipments of U.S. soybeans since Tuesday, contributing to a total import volume from late October of about 3.5 million tons. This represents nearly 30% of Beijing's 12-million-ton procurement target. Following a recent discussion with U.S. President Donald Trump, where he encouraged Chinese officials to speed up and expand their purchase of American products, this uptick in buying occurred. Concurrently, in South America, Brazil's National Association of Grain Exporters (ANEC) has adjusted its soybean export forecast for November to 4.4 million tons. This is a decrease of 310,000 tons from last week's estimate of 4.71 million tons, though it still reflects a significant increase of 88% from the 2.339 million tons exported in November 2024.