Soybean futures climbed above $13 per bushel, hovering near their highest level since December 2023, driven by a fresh wave of Chinese purchases of US supplies ahead of Friday’s closely watched USDA supply-and-demand report. China has bought roughly 1 million metric tons of US soybeans this week, including 340,000 tons of sales confirmed by the USDA, bringing Chinese purchases close to half of the 25 million tons it has agreed to buy annually through 2028.
The recent buying spree comes ahead of a planned meeting later this month between US President Donald Trump and Chinese President Xi Jinping, fueling optimism about progress on agricultural trade and the possibility of lower tariffs on US farm products.
Market participants are also awaiting the USDA report for any revisions to US soybean production, yield, and ending-stock projections, which could set the next direction for prices. In its latest assessment, the USDA rated 58% of the soybean crop as good to excellent, unchanged from the previous week and slightly above market expectations.
