Soybeans rise to 3-week high on US crop woes, Chinese demand

SINGAPORE: Chicago soybeans gained more ground on Tuesday, reaching their highest since late July, after a US government report showed a decline in crop conditions, while strong Chinese demand also underpinned prices.

Wheat was largely flat, with the market holding on to recent gains on support from disruptions to Black Sea supplies.

“Chinese buying is likely to provide support for soybean prices,” said one oilseed trader in Singapore.

“The market expects Chinese companies to step up purchases in the coming weeks.”

The most-active soybean contract on the Chicago Board of Trade (CBOT) rose 0.7% to $12.24-1/2 a bushel by 0342 GMT, having hit its highest since July 27 earlier in the session.

Wheat was unchanged at $6.89-1/4 a bushel and corn gained 0.4% at $4.91-1/4 a bushel.

The US Department of Agriculture lowered its condition ratings for the nation’s corn and soybean crops in a weekly report on Monday, in line with trade expectations, after recent rains in the US Midwest.

The agency rated 60% of the corn crop in good-to-excellent condition as of Sunday, down 1 percentage point from a week earlier and the lowest for the 33rd week of the calendar year since 2023.

The USDA rated 61% of the soybean crop in good-to-excellent condition, also down 1 percentage point from last week and the lowest for this time of year since 2023.

Agricultural market participants are closely watching a tour of US corn and soybean farms for price direction.

South Dakota’s corn yield prospects and soybean pod counts are lower than last year and the three-year average, scouts on an annual tour of top US producing states found on Monday, following a hot and dry summer.

Chinese demand continued to support soybeans.

Traders told Reuters last week that China had already purchased about 7 million metric tons of US soybeans.

National Oilseed Processors Association data showed NOPA

 members, which account for nearly all soybeans crushed in the United States, processed 216.647 million bushels of soybeans last month, up 1.1% from June and up 10.7% from July 2025.

Weeks of attacks on shipping by Russia and Ukraine have curtailed shipments, including at Russia’s main grain export hub of Novorossiysk.