Soybean futures rose more than 3% to kick off the trading week, driven by data showing an increase in global shipments from a week ago. The agricultural commodity has been finding support in recent weeks due to improving US-China trade relations, which could lead to a strengthening demand for the American crop.

January soybean futures rocketed $0.3425, or 3.05%, to $11.5875 per bushel at 18:05 GMT on Monday on the Chicago Board of Trade. Soybean prices are coming off a weekly gain of almost 3%, adding to their year-to-date increase of 15%.

For the week ending November 13, shipments inspected by the US Department of Agriculture totaled 1.18 million tons, up from the previous, according to its latest weekly Grains Export Inspections report.

US soybean sales have totaled 10.11 million tons for the full marketing year, down 42% from the 17.59 million tons registered a year ago.

Despite the United States and China reaching a temporary trade deal, China was not listed as a market destined for US grains.

Beijing, the world’s largest soybean importer, has not purchased from American farmers this year, instead diversifying its acquisitions and turning to countries like Argentina.

Meanwhile, corn shipments for the week exceeded two million tons, up from 1.8 million tons in the previous week and surpassing last year’s total of 873,661 tons.

Wheat exports totaled 246,533 tons, slightly down from the previous week but higher than the same time in 2024.

January wheat futures advanced $0.16, or 2.95%, to $5.575 per bushel. January corn futures rose $0.0525, or 1.22%, to $4.355 a bushel.

The next catalyst will be news about Brazil’s 2025-2026 soybean crop.

In other agricultural commodities to start the trading week, January coffee futures ticked up $0.0125, or 0.33%, to $3.7785 per pound. January orange juice futures were little changed at $1.5575 per pound. January live cattle futures jumped $0.02275, or 1.04%, to $2.21425 per pound.