Prices hit a four-week low as forecast rainfall during the pod-setting phase eased heat concerns, while record Brazilian export expectations and firm U.S. demand remained in focus.
Soybean futures fell below $11.8 per bushel, reaching a four-week low as forecasts for favorable weather across the U.S. Midwest weighed on the market. Expected rainfall near the end of the week is seen as arriving at a critical time, with the soybean crop entering the pod-setting phase when moisture is important for yield development. The improved forecast reversed some of the support prices had recently drawn from heat concerns. Earlier this week, the USDA lowered its good-to-excellent rating for the nation's soybean crop to 63% from 66% as persistent heat stressed crops. Even so, the prospect of better near-term weather helped offset those supply worries. Broader supply expectations also remained heavy, with Brazil expected to export a record 115.4 million metric tons of soybeans in 2026. Demand offered some support. U.S. export demand remained strong, and China's Sinograin plans to auction 500,000 metric tons of imported soybeans, its largest sale since January, to free up storage ahead of new U.S. arrivals.