FX.co ★ Soybean Prices Near 2-Week High

Soybean futures have remained stable at approximately $10.60 per bushel, their highest point since May 27. This stability is bolstered by renewed optimism surrounding trade, as critical negotiations between the United States and China, the world's largest soybean importer, commence in London. These discussions aim to advance the preliminary agreement achieved last month in Geneva, which followed a phone conversation between Presidents Trump and Xi Jinping. In the call, Xi reportedly urged the U.S. to retract its "negative measures" against China. On the supply front, dry weather conditions in certain U.S. regions raise concerns about soybean germination and early growth stages. Meanwhile, investors remain cautious due to intense export competition from Brazil. Recent Chinese trade data revealed record soybean imports totaling 13.92 million metric tons in May, predominantly sourced from Brazil. Brazilian shipments increased to 14.1 million tons, surpassing the 13.44 million tons shipped in the previous year. In Argentina, the world's third-largest producer, soybean yields continue to outperform expectations.