Overview
- Chicago contracts opened the week roughly US$2 to US$2.5 per tonne lower after last week’s partial rebound.
- Private tallies now put China’s recent U.S. soybean purchases near 7.5–8.5 million tonnes versus earlier talk of about 12 million.
- Speculative investors had amassed longs equivalent to roughly 18 million tonnes and are cutting exposure, driving a sharp correction.
- The USDA confirmed a 100,000‑tonne 2025/26 sale to Egypt, with no new China sales reported since the prior Monday.
- South American output prospects remain heavy, including Brazil’s record 171.48 million tonnes and private estimates near 180 million for the region, with Brazilian rains improving and Argentina flagged as the main weather risk.