Soybean futures fell below $10.65 per bushel, retreating from levels not seen since mid-December 📉. The market is balancing a firmer US dollar 💵 and ample South American supply 🌎 against lingering weather risks in Argentina ☀️🌵.The greenback regained some ground after recent weakness, which has tempered commodity appetite and limited further upside, despite tight nearby spreads.
On the supply side, expectations of a record Brazilian harvest 🌽🇧🇷 continue to cap gains. Brazil is projected to dominate global exports through the first half of 2026, thanks to competitive prices 💰 and abundant availability 📦.Demand signals are mixed. China 🇨🇳 is expected to prioritize Brazilian shipments, even though it has met a significant share of its recent US purchasing targets following the late-October trade truce 🤝.
Meanwhile, hot and dry conditions ☀️🌵 across key Argentine growing regions are under close watch, providing underlying support amid concerns over potential yield losses 🌾⚠️.
