Soybean futures traded above $13 per bushel, near their highest level since December 2023, supported by a fresh wave of Chinese buying of US supplies ahead of Friday’s widely anticipated USDA supply-and-demand report. China has bought around 1 million metric tons of US soybeans this week, including 340,000 tons of purchases confirmed by the USDA, bringing Chinese purchases close to half of the 25 million tons it has committed to buy annually through 2028. The buying comes ahead of a planned meeting between US President Donald Trump and Chinese President Xi Jinping later this month, raising hopes for progress on agricultural trade and potentially lower tariffs on US farm goods. Traders are also watching the USDA report for changes to its US soybean production, yield and ending-stock estimates, which could provide further direction for prices. The USDA’s latest assessment showed that 58% of crops were rated good to excellent, unchanged from the prior week and above expectations.