Soybeans rise to 3-week high on US crop woes, Chinese demand
SINGAPORE: Chicago soybeans gained more ground on Tuesday, reaching their highest since late July, after a US government report showed a decline in crop conditions, while strong Chinese demand also underpinned prices. Wheat was largely flat, with the market holding on to recent gains on support from disruptions to Black Sea supplies. “Chinese buying is likely to provide support for soybean…
Chicago soybeans surged to their highest level in three weeks on Tuesday, buoyed by a decline in crop conditions in the United States and robust demand from China, according to market reports. The Chicago Board of Trade (CBOT) reported that the most-active soybean contract climbed 0.7% to $12.24-1/2 a bushel, reaching its peak since July 27 earlier in the day.
The drop in crop conditions was highlighted in a weekly report from the US Department of Agriculture (USDA), which lowered its condition ratings for both corn and soybean crops. Corn and soybean conditions each declined by 1 percentage point from the previous week, with the lowest levels for this time of year since 2023.
Despite the challenges, Chinese demand remained a key driver for soybean prices. Traders noted that China had already acquired approximately 7 million metric tons of US soybeans. The National Oilseed Processors Association (NOPA), which processes the majority of soybeans in the United States, processed 216.647 million bushels last month, marking a 1.1% increase from June and a 10.7% rise from July 2025.
The ongoing conflict between Russia and Ukraine has disrupted global shipping, particularly at Russia's main grain export hub, Novorossiysk, further impacting the market dynamics.
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