14.09.202602:01:35UTC+00Soybeans Hold Near $13

Soybean futures hovered near $13 per bushel, close to their highest levels since December 2023, supported by robust Chinese demand and rising crude oil prices, as traders digested the USDA’s latest supply-and-demand projections.

In its September WASDE report, the USDA raised its 2026/27 US soybean production estimate to a record 4.535 billion bushels, up from 4.519 billion forecast in August, with yields projected at 52.8 bushels per acre. US ending stocks were pegged at 310 million bushels—above market expectations, but slightly below the August estimate of 320 million bushels.

On the demand side, China purchased roughly 1 million metric tons of US soybeans last week, as the world’s largest oilseed importer accelerates buying ahead of President Xi Jinping’s anticipated visit to Washington later this month.

Crude oil prices also climbed after fresh Houthi strikes on Saudi Arabia and Iranian attacks on vessels in the Gulf intensified supply concerns, following the shutdown of a key Saudi oil pipeline. Soybean prices often move in tandem with oil because soybeans are a major feedstock for biofuel production.