Soybean Futures Slide to 3-Week Low
Soybean futures have continued their downward trend, dropping towards the $10 per bushel mark, reaching their lowest level since mid-August. This decline is driven by concerns surrounding weak demand coupled with increased competition from Brazil, the leading soybean producer. The absence of new soybean purchases from the US by China, due to ongoing trade tensions between Washington and Beijing, exerts additional pressure on the market. Concurrently, Brazil is set to expand its soybean planted area by 1.5% for the 2025/26 season, marking a record high, as the nation increasingly steps in to fulfill China's demand in lieu of US oilseeds. Brazilian exports are forecasted to climb to 6.75 million metric tons this September, compared to 5.16 million tons in the same period last year, as reported by Anec.
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