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. 

Even with the recent uptick, prices remain low, so farmers may choose to store any unsold crop instead of selling it, according to Vinicius Ito, a director at futures and options brokerage Marex Group Plc. That could drive prices higher still at a time when Chinese importers are looking to buy more to take advantage of low prices ahead of the US election, which threatens the return of the US-China trade war if Donald Trump returns to office.

“As the price has fallen a lot and China is buying, the US farmer may hold his soybeans and this would help firm up prices,” Ito said. “It will depend on how much importers are willing to pay to get soybeans out of the US.”