Market Overview
Soybeans led the grain markets sharply higher as strong export demand, tightening global supplies, and growing weather concerns pushed prices to fresh highs for the year.
Corn followed soybeans higher, while wheat pulled back after last week’s strong rally. Livestock markets also rebounded, ending an extended stretch of heavy selling.
🌱 Soybeans
Soybeans were the clear market leader, breaking above the trading range that had held prices between roughly $11.50 and $12.00 for the past two months.
Fresh export sales helped ignite the rally.
USDA reported:
264,000 metric tons of soybeans sold to China.
110,000 metric tons sold to an unknown destination, which traders suspect may also be China.
Additional support came from reports that Argentina is purchasing soybeans from Paraguay to supply its domestic crushing industry.
That raised new questions about whether Argentina’s soybean crop may be smaller than currently estimated and whether USDA’s production figure is too optimistic.
Soybean Futures
August Soybeans
Up 22¼ cents
$12.26¾
November Soybeans
Up 23½ cents
$12.26½
The August and November contracts have nearly converged, reflecting strong nearby
