Soybean futures price hit an intraday peak of $11

Soybean futures price hit an intraday peak of $11.87 per bushel, reflecting speculative buying aligned with bullish seasonal patterns. Historical price data suggests a tendency for rallies in late Q2, which traders are positioning for. It is important to note that China typically buys around 90% of Argentina’s soybean exports. Total bookings so far still do not stray far from what is considered normal for Argentine soybean exports. So, while Argentine soybean export sales increased markedly last week, total exports may not be that far off from what was expected prior to the Argentine government’s temporary tax cut. The administration of US President Donald Trump said that on July 9 it would announce tariffs ranging from 25% to 40% to be applied to some countries, with the higher rates to go into effect on August 1. In the latest session, soybean futures price firmed to $11.78 per bushel after the dollar weakened. Currency moves are making U.S. exports more competitive, adding fuel to short-term bullish expectations among large commodity funds.