Soybean Futures Hit Highs on Chinese Demand

Market Overview

The Chicago Board of Trade reported that soybean futures reached life‑of‑contract highs on the day, driven primarily by heightened demand from China.

Chinese Purchasing Activity

China’s state‑owned grain stockpiler, Sinograin, completed its fifth soybean auction within less than a month on Wednesday, aiming to clear storage capacity for incoming U.S. shipments.

U.S. Government Trade Data

According to the United States Department of Agriculture (USDA), private sales under its daily reporting rules amounted to 182,000 metric tons of U.S. soybeans exported to China and 226,000 metric tons to destinations that were not disclosed. The USDA also confirmed private sales of 100,000 metric tons of U.S. soymeal each to Germany and the Netherlands.

Price Movement

New‑crop November soybeans settled 20 cents higher, closing at $12.88 per bushel.

Policy Context

Separately, U.S. administration officials are reviewing a proposal to raise the 2027 biofuel quota by approximately 500 million gallons, a measure intended to offset anticipated reductions from upcoming exemptions granted to smaller refineries.

This article was generated with AI assistance and reviewed by an editor.