Overview
- Chicago January 2026 soybeans settled at $425.22 per ton, up $12.04 on the day and the highest level in 17 months.
- Analysts tied the rally to President Donald Trump saying China will resume large U.S. purchases before spring and to a record October crush near 6.20 million tonnes.
- USDA recently made only modest cuts to export projections even as cumulative U.S. shipments run at their weakest pace in nearly two decades.
- China largely bypassed U.S. soy in September and October and booked Brazilian cargoes, with negative hog, feed and crushing margins and high port inventories curbing import urgency.
- Traders report no major new U.S. sales to China confirmed yet, and expanded U.S. meal output or the shift to Brazil’s harvest from February could restrain prices if demand lags.