Soybeans Hits 6-week Low

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.

Soybean prices fell to $12.8, hovering near their lowest level since late August, as ample US supplies and uncertainty over Chinese demand weighed on prices. In its latest report released Friday, the US Department of Agriculture forecast soybean production to rise 7% year-on-year to 4.562 billion bushels in the 2026–27 marketing year, exceeding market expectations of 4.534 billion bushels. Meanwhile, investors remain cautious as top importer China has yet to make significant purchases following a weeklong national holiday. Beijing has reportedly made progress towards its pledge to purchase at least 25 million tonnes of US soybeans annually through 2028, under a trade truce agreed with Washington last year. However, large purchases have yet to materialize since China’s national holiday ended last Wednesday, according to traders familiar with the matter. With supply remaining abundant, Chinese demand is likely to be a key factor in determining the near-term direction of soybean prices.