Soybean futures slipped to around $11.20 per bushel, pulling back from a two‑week high as a stronger US dollar and weaker crude oil prices outweighed support from anticipated Chinese demand. Although the USDA reported a sale of 132,000 metric tonnes of US soybeans to China, overall purchasing remains sluggish, and there is lingering concern that Chinese imports may fall short of earlier projections.
Market attention is now shifting to next week’s USDA crop condition reports for indications of stress in the US Midwest soybean belt. Recent heavy rainfall has disrupted fieldwork and delayed fertilizer applications and other crop treatments, heightening worries about potential yield losses if the wet pattern persists.
At the same time, the US dollar firmed after the latest Federal Reserve policy meeting reinforced expectations of additional interest rate hikes this year, making US‑denominated commodities more expensive for overseas buyers. Crude oil prices also fell to their lowest level since the start of the Iran war, after an interim agreement boosted expectations of improved supply flows and a reopening of the Strait of Hormuz.
