Soybean Futures Hit 3-Month Low

Soybean futures slid around $11.5 per bushel, hitting a three-month low as favorable US growing conditions and strong planting progress reinforced expectations of ample supply. Improving weather across key US regions supported crop development, while recent rainfall eased drought concerns in parts of the Plains and reduced earlier planting-delay worries in the Midwest. USDA also reported planting at 87% complete as of late May, ahead of the five-year average, with emergence above normal at 65%, signaling a well-advanced developing crop. Meanwhile, crop condition ratings came in slightly below expectations at 66% good-to-excellent, reflecting mixed regional performance. Export outlook remains weak, with US soybean shipments expected to decline about 344 million from fiscal 2025 as China continues to be a key but inconsistent buyer. However, China has reportedly begun placing new orders for the 2026 crop and is expected to fulfill its commitment to purchase around 25 million metric tons.
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