05.11.202511:54:55UTC+00Soybean Futures Hit 16-Month High Again

Soybean futures have climbed to $11.20 per bushel, marking a return to their peak since July 2024, following China's declaration to lift certain retaliatory tariffs on U.S. agricultural products, including soybeans, starting November 10th. Despite this upward movement, the gains are tempered by predictions of subdued Chinese demand, primarily because U.S. soybeans are still pricier compared to Brazilian options and remain subject to a 13% import tariff. Recently, Chinese buyers have increased their acquisitions of Brazilian soybeans, with reports indicating that they have secured 10 cargoes for delivery in December and an additional 10 for the March–July 2026 timeframe. The White House disclosed that per last week's trade accord, China has pledged to purchase 12 million metric tons of U.S. soybeans by the end of the year, although Beijing has yet to officially verify this commitment. At the same time, market transparency is hindered due to the ongoing U.S. government shutdown, which has led to the suspension of the Agriculture Department's flash export sales reports.