Commodities

Soybeans Rise as Demand for US Exports Blows Past Expectations

Sales for the upcoming year are the strongest since July 2023
Prices may continue to climb if more farmers opt to store crop

France’s soft-wheat exports outside the European Union are expected to drop 60% in the 2024-25 season. — France’s soft-wheat exports outside the European Union are expected to drop 60% in the 2024-25 season.
Photographer: Nathan Laine/Bloomberg

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By Clarice Couto

August 29, 2024 at 10:41 AM UTC

Updated on

August 29, 2024 at 5:09 PM UTC

This article is for subscribers only.

Soybeans are on pace to end the week higher following three straight weeks of losses, boosted by better-than-expected US export sales.

Futures for delivery in November rose as much as 1.6%, the biggest intraday jump in more than a week, reversing the previous day’s decline. US export sales rose to 2.472 million tons in the week ended Aug. 22, according to data released Thursday, beating analysts forecasts and approaching the highest estimate. Sales for the upcoming marketing year are the strongest since July 2023.