Soybean futures edged down below $12.5 per bushel, reaching their lowest level in eight weeks as investors trimmed bullish bets amid advancing US harvesting and favorable weather forecasts for the Midwest. Recent rains stalled fieldwork in parts of the Midwest, but drier weather forecasted through the end of the week is expected to allow farmers to gather what is projected to be a record-large soybean crop. US farmers now harvested 64% of the soybean crop, according to the USDA’s weekly crop progress report. The harvest pressure continued to outweigh renewed Chinese demand as the USDA confirmed more sales from China. The world's top soy importer has now purchased over 60% of its 25-million-ton US soybean buying target for the 2026/27 marketing year, under the trade deal reached between the two countries. Elsewhere, farmers in Brazil had planted 26% of the projected area of their 2026/27 soybean crop as of last week, up from 15% a week earlier and above the 24% registered a year ago.

Soybeans decreased to 1269.00 USd/Bu, the lowest since August 2026. Over the past 4 weeks, Soybeans lost 3.79%, and in the last 12 months, it increased 25.69%.

Soybean futures fell to around $12.6 per bushel, hitting their lowest level in seven weeks as expectations of record US harvest outweighed renewed Chinese buying. Mostly dry weather across the Midwest over the past week allowed farmers to accelerate harvesting after earlier rain delays, with 46% of the US crop harvested as of October 11, above the average estimate for 44% complete. Although midweek rains slowed fieldwork this week, drier conditions are forecast in the coming days. Meanwhile, the US domestic soybean crush last month fell short of forecasts, according to a monthly National Oilseed Processors Association report, which showed the September crush at a thirteen-month low of 196.3 million bushels. Elsewhere, Chinese government buyers booked 8 to 10 cargoes of US soybeans for shipment from December onward, and the USDA confirmed private sales of 330,000 tons for delivery to China and another 283,450 tons to unknown destinations, all for delivery in the 2026/27 marketing year.