Soybean futures rally near $11.8 on Chinese demand

Soybean futures rose above $11.8 per bushel, hitting nearly a three-week high, as firm Chinese demand continued to support prices.

According to traders, China had already purchased about 7 million metric tons of US soybeans, while China’s Sinograin said it would auction 360,000 tons of imported soybeans, its fourth sale since late July, in an effort to free up storage space for incoming US supplies.

Last week, the USDA raised its 2026 US soybean production estimate by by 44 million bushels to a record 4.519 billion bushels but lowered its yield forecast in the monthly report to 52.7 bushels per acre from 53, reflecting the impact of extreme heat and dryness in parts of the Midwest.

Looking ahead, forecasts for cooler temperatures and ample rainfall in August and September could improve crop prospects after weeks of heat and dryness supported prices.

Traders are also monitoring a major US field tour this week for further indications on soybean and corn yield prospects.