Soybean futures hovered around $10.50 per bushel, holding near their highest levels since late last year as traders positioned ahead of the USDA’s January WASDE report. Prices have been underpinned by continued Chinese purchases of US soybeans, with cumulative sales now exceeding 10?million?tons and approaching the 12?million-ton target previously cited by US officials. Private exporters reported significant new sales to China for delivery in the 2025/26 marketing year, reinforcing demand expectations. In addition to export support, energy markets have provided a bullish backdrop: crude oil prices have risen on concerns about supply disruptions and geopolitical risks, particularly around Venezuela, helping lift vegetable oil markets. Higher oil prices tend to support soybean oil, a key feedstock for biodiesel and other uses, which in turn lends additional support to soybean futures through the linkage between energy and oilseed markets.
