Soybeans Hold at 1-Month High

Soybean futures remained above $12.2 per bushel, hovering close to a four-week high, as weaker US crop conditions and fresh export demand bolstered prices, according to the latest market data. The USDA’s national soybean rating fell slightly over the past week, with the share of the crop rated good-to-excellent dropping 1 percentage point to 60% for the week ending August 23.

Despite 91% of the crop reaching the pod-setting stage, traders remain cautious, watching closely to see if additional deterioration could diminish production potential and strain the balance sheet ahead of harvest. Private exporters have announced a sale of 132,000 tonnes of new-crop US soybeans to an undisclosed buyer, with traders speculating that China may be the destination.

This potential purchase comes amidst ongoing US-China trade tensions, with the possibility of new US tariffs on Chinese goods fueling uncertainty around future soybean demand. Analysts are also keeping a close eye on a potential late-September meeting between US President Trump and Chinese President Xi, which could significantly impact agricultural trade relations between the two nations.