FX.co ★ Soybeans Hold Near 5-Week Low

Soybean futures remained below $11.70 per bushel, hovering near a five-week low, as favorable US growing conditions and rapid planting progress continued to support expectations of ample supply. Improved weather across key producing regions has aided crop development, with recent rainfall easing drought concerns in parts of the Plains and alleviating earlier worries about planting delays in the Midwest. According to the USDA, planting in the 18 major soybean-producing states reached 87% by late May, ahead of the five-year average, while crop emergence stood at 65%, also above normal—both pointing to a well-advanced and developing crop. Initial crop condition ratings, however, came in slightly weaker than anticipated at 66% good-to-excellent, indicating uneven performance across regions. On the export front, weekly shipments softened, though China remained the leading destination. China has reportedly started placing new orders for the 2026 crop and is still expected to meet its commitment to purchase around 25 million metric tons, underscoring continued Chinese demand.