FX.co ★ Soybeans Rally to Highest Since July

Soybean futures have surged to approximately $10.59 per bushel, marking the highest level since early July. This increase is fueled by renewed optimism regarding potential Chinese acquisitions. U.S. Treasury Secretary Scott Bessent indicated that a meeting later this week between President Trump and Chinese President Xi Jinping could involve discussions on "substantial" soybean agreements. Additionally, market sentiment is buoyed by Japan's preparations under its new government to propose a trade package to President Trump, which includes U.S. soybeans, during forthcoming trade and security discussions. In the global arena, Brazil, recognized as the leading exporter of soybeans, is projected to achieve a record harvest of 178.5 million metric tons in the 2025/26 season, an increase from the previous year's 171.8 million metric tons, as per the oilseed group Abiove. Due to the suspension of the U.S. Department of Agriculture’s weekly export sales report amid the federal funding impasse, markets are depending on private surveys for immediate demand insights.