Soybean Prices Jump Globally as Heat Forecasts Boost US Futures and Chinese Demand

Chicago Board of Trade soybean futures rose in early July, with the August contract gaining 0.8% to $11.93 per bushel and the November contract up 0.5% to $11.97. Traders cited forecasts of heat stress in the U.S. Midwest, renewed purchasing interest from China, and higher crude‑oil prices as drivers. State‑owned Chinese trader COFCO confirmed multiple cargo purchases of U.S. soybeans, and the USDA reported that 64% of the U.S. crop remains in good to excellent condition.

In Brazil, soybeans reached their best price of the year at the Port of Paranaguá, trading at R$139.71 per 60‑kg bag. The price reflected strong Chicago futures, port premiums, a stable dollar, and expectations of continued Chinese demand.

Argentina’s Rosario soy futures traded above Chicago levels, supported by domestic export commitments and Chinese buying as the local harvest concluded. Physical market activity in Rosario showed soybeans leading trade, while Chicago prices slipped amid profit‑taking and improved U.S. weather outlooks.

Across the region, market commentary highlighted a “cocktail” of factors—U.S. heat forecasts, speculative fund activity, and rumors of U.S.–China trade talks—fueling the recent surge in soybean prices.