Soybean futures fell below $12.10 per bushel, nearing a two-week low, as expectations of abundant global supplies overshadowed support from firm US export demand and worsening crop conditions. The USDA cut its good-to-excellent rating for the US soybean crop to 63%, down from 66% a week earlier, as persistent heat continued to affect parts of the Midwest.
At the same time, China’s Sinograin plans to auction 500,000 metric tons of imported soybeans—its largest sale since January—to free up storage capacity ahead of new US shipments, reinforcing expectations of sustained US export demand. Earlier this month, the USDA reported several soybean export sales to China, including volumes of 340,000 metric tons and 264,000 metric tons, as well as 256,634 metric tons sold to Mexico.
Meanwhile, Brazil is projected to export a record 115.4 million metric tons of soybeans in 2026, according to crushers’ association Abiove, which raised its export outlook by 1.1% from its June forecast and simultaneously increased its estimates for domestic soy crushing.
