Soybean futures remained above $12.20 per bushel, hovering near a four-week high, as deteriorating US crop conditions and renewed export demand lent support to prices. The USDA’s national soybean rating declined over the past week, with the share of the crop rated good-to-excellent slipping 1 percentage point to 60% for the week ended August 23. While 91% of the crop has reached the pod-setting stage, traders are closely monitoring whether further deterioration could curb production potential and tighten the balance sheet ahead of harvest.
At the same time, private exporters reported the sale of 132,000 tonnes of new-crop US soybeans to an unknown destination, prompting market speculation that China may be the buyer. The prospective purchase comes as US–China trade tensions remain in focus, with the possibility of new US tariffs on Chinese goods adding uncertainty to the outlook for soybean demand. Markets are also watching a potential late-September meeting between Trump and Xi, which could prove pivotal for future agricultural trade flows.
