FX.co ★ Soybean Prices Near Multi-Week High on Weak Dollar

Soybean futures remained approximately at $10.70 per bushel, reaching their highest level since mid-December. This rise was supported by a weakening US dollar, though the prospect of a record-breaking Brazilian harvest has curbed further upward movement. The dollar has reached its lowest point in nearly four years due to renewed concerns regarding a potential US government shutdown, uncertainties surrounding President Trump's trade policies, and speculation about possible coordinated currency intervention between the US and Japan. On the demand front, China is projected to increase its imports of Brazilian soybeans in the first half of 2026. This surge is driven by record production and competitive pricing, further cementing South America's leading role in the world's largest oilseed market. This development follows a recent increase in US soybean purchases, with reports indicating that China achieved its goal of purchasing 12 million tonnes of US soybeans after a trade truce was reached in late October. At the same time, investors are keeping a close eye on potentially stressful hot and dry weather conditions in key agricultural regions of Argentina.