Soybean futures push higher above $12.6/bushel on demand, weather

Soybean futures climbed further above $12.6 per bushel, extending their rally to the highest level since December 2023 as concerns over crop conditions and strong Chinese demand continued to support prices.

US exporters have reported a series of soybean sales to China for the 2026/27 marketing year, including a fresh 333,000 metric ton purchase announced on August 26.

The latest deal adds to several large sales earlier this month, with USDA reporting purchases of 488,000 tons on August 3, 238,000 tons on August 7, and another 244,000 tons on August 12.

Meanwhile, extreme heat and heavy rainfall across major Chinese growing regions are threatening soybean quality and yields, potentially increasing the country’s reliance on imports.

However, expectations for a record US crop remain a headwind, with USDA forecasting 2026/27 production at 4.52 billion bushels, although its yield estimate was trimmed to 52.7 bushels per acre.