Soybeans Hold Near $13

Soybean futures held around $13 per bushel, near their highest since December 2023 as strong Chinese buying supported prices, while traders weighed the USDA’s latest supply-and-demand report. The USDA’s September WASDE report raised its 2026/27 US soybean production forecast to a record 4.535 billion bushels from 4.519 billion in August, with yields seen at 52.8 bushels per acre. US ending stocks were also projected at 310 million bushels, above market expectations, although down from 320 million in August as higher exports offset the larger crop. Meanwhile, China bought about 1 million metric tons of US soybeans last week, bringing its purchases close to half of the 25 million tons it committed to buy annually through 2028. The USDA separately confirmed 340,000 tons sold to China and 100,000 tons to unknown destinations. The buying comes ahead of Xi Jinping’s expected visit to Washington later this month, raising hopes for stronger agricultural trade and potentially lower tariffs.