Soybeans trade above $12.20 near multi-week highs
Soybeans trade above $12.20 per bushel near multi-week highs as strong demand and flash sales to China and unknown destinations offset a limited increase in US crop prospects.
Soybeans traded above $12.20 per bushel, hovering near multi-week highs as strong demand offset a limited increase in US crop prospects.
The Pro Farmer Crop Tour put the US soybean yield at just 0.6 bushels per acre above the USDA’s August estimate, implying only 53 million bushels more production, suggesting the findings may have a limited impact on the supply outlook.
Instead, traders are turning their attention to weather as much of the crop still needs to mature, with flooding and disease risks in parts of the eastern Midwest adding uncertainty over final yields and harvested acreage.
Demand remains a key source of support, with China and unknown destinations purchasing nearly 53 million bushels of new-crop US soybeans in recent flash sales.
Traders are also watching whether strong export demand continues into the new marketing year, when Chinese imports typically increase.