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17.02.202617:44:57UTC+00Soybean Futures Hold Near 3-Month High

Soybean futures were trading around $11.40 per bushel, near a three-month high, bolstered by the one-year extension of the "Busan Truce." Under the renewed accord between President Trump and President Xi Jinping, China has reportedly agreed to purchase 20 million metric tons of U.S. soybeans in the current marketing year, establishing an important price floor for American producers.

That support, however, is being offset by developments in Brazil. The country’s National Supply Company has raised its soybean production forecast to 180 million metric tons. Although heavy rains across South America have slowed harvest progress to about 21% complete and have triggered some concerns about crop quality, the sheer size of the Brazilian harvest remains a major obstacle to further price gains.

Meanwhile, traders are watching the latest NOPA crush data and weekly USDA export inspection figures, which confirm that China continues to be the leading buyer of U.S. soybeans.

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