Soybean futures climbed above $11.80 per bushel, reaching their highest level in nearly three weeks, underpinned by solid Chinese demand. Traders estimate that China has already purchased about 7 million metric tons of US soybeans, while state-owned Sinograin announced it will auction 360,000 tons of imported soybeans—its fourth such sale since late July—to free up storage capacity ahead of new US shipments.
Last week, the USDA increased its 2026 US soybean production forecast by 44 million bushels to a record 4.519 billion bushels. At the same time, it trimmed its yield estimate to 52.7 bushels per acre from 53 in its monthly report, citing the effects of extreme heat and dryness in parts of the Midwest.
Looking ahead, forecasts for cooler temperatures and abundant rainfall in August and September could enhance crop conditions after weeks of heat- and drought-driven price support. Market participants are also closely watching a major US crop tour this week for additional insight into soybean and corn yield prospects.
