CBOT soybean futures extended their rally, hitting a two-year high of 1,261.50 cents/bushel during intraday trading. The weekly contract gained 4.2%, marking the third consecutive weekly advance. The driving factors are as follows: First, market expectations are rising that China will fulfill its commitments to purchase U.S. soybeans; USDA data released Thursday showed net export sales of new-crop U.S. soybeans at 1.5372 million tonnes for the week ending July 16, with private exporters reporting an additional 126,000 tonnes sold to unknown destinations for delivery in the 2026/27 marketing year. Second, weather premium expectations persist, with forecasts indicating seasonal drought conditions across the northern Midwest from July 31 to August 6. Speculative funds increased their net long positions by 72% week-over-week to 124,900 contracts.