FX.co ★ Soybean Futures Hold Firm

Soybean futures remained above $12.20 per bushel, hovering near a nine-week high as renewed Chinese demand and stronger crude oil prices offset better-than-anticipated US crop conditions. The USDA rated 66% of the US soybean crop in good-to-excellent condition, up one percentage point from the prior week and surpassing market expectations. At the same time, ongoing conflict in the Middle East kept crude oil prices elevated, improving the outlook for biofuel demand. Bullish sentiment was further supported by Chinese buying, with the USDA confirming private export sales of 340,000 metric tons of US soybeans to China for delivery in the 2026/27 marketing year. Nonetheless, China’s soybean imports from the US in June fell 20.6% year-on-year to 1.27 million tons, reflecting the lingering effects of earlier trade tensions, while imports from Brazil increased 13.7% to 12.08 million tons, pushing China’s total June soybean arrivals to a record 13.55 million tons.