03.11.202511:16:15UTC+00Soybean Futures Surge Above $11

Soybean futures saw a significant rise in November, surpassing $11 per bushel for the first time since early July 2024. This surge comes amidst renewed optimism regarding a trade agreement between the US and China, sparking hopes for a normalization of agricultural trade between the two economic powerhouses. As part of the agreement, China committed to halting all tariffs imposed since March 4 on US agricultural exports, including soybeans, corn, wheat, sorghum, and poultry. Additionally, the White House announced that China will purchase no less than 12 million tons of US soybeans by the year's end and will continue to buy at least 25 million tons annually over the next three years. Concurrently, Chinese buyers have increased their acquisition of Brazilian soybeans in recent days, driven by more competitive pricing following the US-China trade agreement. On the supply side, dry weather conditions in central Brazil and Argentina, along with an extensive US harvest that has resulted in a limited global carryout, have rendered the market less accommodating to additional demand.