19.08.202615:43:11UTC+00Soybeans Pick Up to Over 3-Week High

Soybean futures climbed to about $12.20 per bushel, their highest level since the more-than-two-year peak of $12.50 reached on July 24, driven by mounting concerns over crop conditions in the US Midwest. Recent field tours and assessments have indicated below-average pod counts in key producing states such as Indiana and Nebraska, while excessive rainfall in parts of the region has further clouded yield prospects. Reflecting these developments, the USDA has downgraded both its production estimates and crop condition ratings, heightening worries about potential supply tightness.

On the demand side, fundamentals remain supportive, led by continued strength from China. The USDA recently confirmed a sale of 136,000 metric tons of US soybeans to China for delivery in the 2026/27 marketing year, and traders report that Chinese buyers have booked in excess of 7 million tons in recent weeks. Robust domestic demand is adding to the bullish tone: US soybean crush in July rose 10.7% from a year earlier, underscoring solid processing margins and steady utilization by domestic end users.