Soybeans Hit $13.28 as China Trade Hopes Lift U.S. Grain Markets
U.S. soybean futures rose to $13.28 on September 21, driven by strong exports and expectations for expanded Chinese purchases during the state visit.
Key points
- November soybean futures closed at $13.28 per bushel, up 24.5 cents, their highest level since September 10.
- Corn export inspections hit a five-week high of 1.939 million metric tons, a 40% increase year-over-year.
- U.S. soybean sales to China reached 9.85 million metric tons, meeting 39% of the annual trade target.
November soybean futures closed at $13.28 per bushel on Monday, marking the highest settlement since September 10. This gain of 24.5 cents reflects immediate market confidence in upcoming trade outcomes.
The rally occurred despite forecasts for a potentially record U.S. soybean crop. Traders are prioritizing demand signals over supply concerns, specifically watching the September 24 meeting between U.S. and Chinese leaders.
Corn Prices Rise on Harvest Delays
December corn futures climbed 15.5 cents to $5.43, reaching their highest close since early September. Heavy rainfall in Iowa interrupted harvest operations, temporarily reducing the volume of grain entering the market.
The national average cash price advanced to just above $4.9775 per bushel. Specialists expect the corn harvest to be 13% complete, up from 8% the previous week, with drier weather expected to resume field work.
Export Data Shows Strong Demand
Weekly corn export inspections reached 1.939 million metric tons, a five-week high. This volume represents a 25% increase from the prior week and sits 40% above levels from the same period last year.
Japan accounted for 591,923 metric tons of that total shipment. Marketing-year shipments now stand at 163 million bushels, which is 16% ahead of the comparable period in the previous marketing year.
China Drives Soybean Market Direction
Outstanding U.S. soybean sales to China for the 2026/27 season reached 9.85 million metric tons. This figure constitutes 39% of the 25-million-metric-ton annual target cited by the White House.
Private exporters sold an additional 111,000 metric tons to China on September 18. AgroLatam notes that China has committed to purchasing at least $17 billion in other U.S. agricultural products annually through 2028.
