Chicago, USA – The most actively traded soybean futures contract on the Chicago Board of Trade (CBoT) rose 1% on Monday, November 3, to $11.26 per bushel (approximately 27 kg). This represents the highest level since July 2024.
This increase comes amid improving trade relations between the United States and China. After a period of tariff tensions, US soybean exports to China, which alone accounts for 60% of global imports, fell to zero tons last September. This was compared to 1.7 million tons during the same period the previous year.
Brazil and Argentina benefited from the absence of US soybeans from the Chinese market. Brazil accounted for 85.2% of China’s oilseed imports in September, while Argentina’s shipments reached 1.17 million tons (approximately 9% of the total).
On the eve of the Asia-Pacific Economic Cooperation (APEC) summit, an agreement was announced between the United States and China. This agreement includes China’s purchase of 12 million metric tons of US soybeans for the remainder of the current season, in addition to an annual commitment of at least 25 million tons for the next three years.
Farmers and analysts are watching closely to see how these commitments will affect soybean prices in the coming months. Prices are expected to gradually rise, following a 22.8% decline in 2024 due to abundant harvests in the United States and Brazil.
