FX.co ★ Soybean Futures Hold Near $10.50 on China Buying

Soybean futures have remained steady at approximately $10.50 per bushel, reaching their peak since late last year. This stability is largely fueled by ongoing Chinese acquisitions of US soybeans. The US Department of Agriculture (USDA) announced on Tuesday that private exporters have confirmed sales amounting to 336,000 metric tons of US soybeans to China, intended for the 2025/26 marketing year. In total, Chinese purchases have now surpassed 10 million tons, nearing their target of 12 million tons. Meanwhile, the President of the Brazilian Association of Grain Exporters (ANEC) highlighted that robust US sales to China could potentially reduce the demand for Brazilian soybeans this year. ANEC projects that Brazil's soybean exports to China will drop to 77 million tons in 2026, marking a decrease of 10 million tons compared to the previous year.