Soybean futures remained above $11 per bushel, near their highest levels since July 2024, supported by lower production forecasts, though concerns over demand limited gains. Friday’s USDA update on global supply and demand, the first in several weeks, cut world soybean production for the 2025/26 marketing year by 4.1 million tons to 421.75 million tons, including a 1.3 million-ton reduction for the US to 115.75 million tons. Ending global stocks are projected to fall 2 million tons to 121.99 million, with declines in Argentina, Brazil, the US, the EU, Ukraine, and India partially offset by increases in China. Global soybean consumption was also trimmed by 2.35 million tons to 421.54 million tons, largely due to a 1.7 million-ton drop in Argentina. Demand concerns persist over China’s purchases of US soybeans: following a summit between Presidents Trump and Xi Jinping, China has bought just 332,000 metric tons, far short of the 12 million tons initially pledged for the calendar year.
