China buys about 1 million tons of U.S. soybeans, traders say

Soybean futures fell to around $11.5 per bushel, nearing a five-week low as weaker crude oil prices pressured the vegetable oil market and reinforced bearish sentiment across agricultural commodities tied to biofuel demand. The decline came despite a USDA-confirmed private sale of 132,000 metric tons of U.S. soybeans to China for delivery in the 2026/27 marketing year, which did little to offset expectations of abundant supplies. Brokerage StoneX forecast the 2026 U.S. soybean harvest at 4.47 billion bushels, adding to pressure on prices. Traders were also watching the Black Sea region, where the Russia-Ukraine war continued to threaten grain export routes, even as expectations for another large harvest from the region weighed on markets. Earlier support from Chinese buying, including trader reports of roughly 1 million tons of U.S. soybeans purchased in multiple cargoes, remained overshadowed by favorable U.S. crop conditions and lower energy prices.