Soybeans Jump 27 Cents on 264,000 MT China Sale as Futures Test $12.31 Resistance
Updated
Updated · Pro Farmer · Jul 20
Soybeans Jump 27 Cents on 264,000 MT China Sale as Futures Test $12.31 Resistance
2 articles · Updated · Pro Farmer · Jul 20
Summary
Soybean futures rose 26 to 27 cents by midmorning after gapping higher overnight and reaching fresh near-term highs, with August beans pressing against resistance at the March high of $12.31.
USDA reported daily 2026-27 sales of 264,000 metric tons to China and 110,000 metric tons to unknown destinations, driving the demand optimism behind the rally.
That strength came despite weak weekly export inspections: soybean inspections fell to 296,972 metric tons in the week ended July 16, down 151,018 from the prior week and below the 400,000-600,000 range analysts expected.
The broader grain complex was firmer, with corn up 6 to 8 cents after a 100,000-metric-ton sale to Colombia, while wheat slipped even as a weaker dollar and a smaller French crop limited losses.