Soybean futures on the commodity exchange rose to $12.6 per bushel. This price increase followed a two-month low reached on October 21, driven by strong export demand, especially from China. In the week ending October 15, the U.S. Department of Agriculture (USDA) reported that net soybean export sales reached 2.84 million tons for the 2026/27 marketing year, significantly higher than the 574,900 tons from the previous week.
China's Demand and Export Increase
Out of the total 2.84 million tons of exports, China alone accounted for 2.18 million tons. Additionally, export shipments rose by 75% compared to the previous week, reaching 2.02 million tons, which is 88% higher than the four-week average. The USDA also confirmed a sale of 202,000 tons to China.
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Impact of U.S. Harvests on Prices
However, futures prices are expected to decline for the second consecutive week, as ongoing harvests in the United States and expectations for a large crop continue to pressure prices. The USDA has projected that soybean production in the country will reach 4.56 billion bushels for the 2026/27 marketing year.
Analysts believe that the pressure from the harvest is easing as fieldwork nears completion. Nevertheless, attention to export demand and understanding the global need for soybeans, particularly from China, could help improve prices in the near future. These developments indicate a delicate balance in the soybean market, influenced by various factors.
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