Soybean futures hovered around $10.40 per bushel, recovering from recent lows, supported by strong demand expectations. China, the world’s largest soybean importer, reported a record 111.83 million metric tons of imports in 2025, up 6.5% from a year earlier. Despite the rebound, overall price gains remained limited. The US Department of Agriculture cut its US soybean export forecast by 60 million bushels while raising Brazil’s production estimate, driving prices to a two-and-a-half-month low. Brazil’s record harvest could weigh on US export demand in the coming months, and China’s future purchases remain uncertain after reaching its 12-million-ton target for US soybeans. Adding to market uncertainty, US President Donald Trump threatened to impose a 25% tariff on any country trading with Iran, potentially complicating China-US trade dynamics.
