2025.10.3012:43:51UTC+00Soybean Futures Climb to Fresh 15-Month High

Soybean futures climbed to $10.90 per bushel, marking their highest level since July 2024, driven by the optimistic outlook for a resurgence in Chinese demand. On Thursday, U.S. Treasury Secretary Scott Bessent revealed that China, the globe’s leading importer of soybeans, has consented to procure 12 million metric tons of American soybeans by January, followed by a commitment to purchase 25 million tons annually over the ensuing three years. This agreement is a segment of a wider trade pact with Beijing. Additionally, Bessent highlighted that several Southeast Asian countries have pledged to buy an extra 19 million tons of U.S. soybeans, although no specific timeline has yet been revealed. Moreover, an agreement was reached between U.S. President Trump and Chinese President Xi Jinping during their meeting in South Korea to prolong their temporary trade truce by another year, which includes associated measures on U.S. shipping. This potential increase in U.S. exports to China might exert downward pressure on Brazilian soybean prices, as over 77% of Brazil’s soybean exports from January to September 2025 were destined for China.