Soybean futures rose above $12 per bushel, reaching their highest level in nearly eight weeks, as renewed Chinese demand and stronger US export shipments more than offset expectations for a larger crop. The USDA confirmed a new private export sale of 264,000 metric tons of US soybeans to China for delivery in the 2026/27 marketing year, bolstering confidence in export demand after Chinese buyers resumed purchases in recent weeks.
In its July WASDE report, the USDA projected a record US soybean crop of 4.475 billion bushels for 2026/27, an increase of 40 million bushels from the June estimate. However, the agency kept ending stocks unchanged at 310 million bushels, as a 30-million-bushel upward revision to export projections offset much of the larger output. The USDA also lowered its forecast for global soybean ending stocks, pointing to tighter world supplies than previously anticipated.
Market participants are now closely watching weather patterns across key US growing areas, as localized heat and irregular rainfall during the crucial pod-setting stage are expected to play a decisive role in determining yield outcomes.
