Soybeans Hits 9-week Low

Soybeans decreased to 1215.00 USd/Bu, the lowest since August 2026. Over the past 4 weeks, Soybeans lost 5.97%, and in the last 12 months, it increased 11.42%.

Soybean futures fell around $12.2 per bushel, hitting a nine-week low as the rapidly advancing US harvest and expectations for record crop weighed on prices. The USDA’s October WASDE report raised its forecast for the 2026/27 US soybean crop by 1% from the previous estimate to a record 4.56 billion bushels, up 7% from the previous year. The projected yield was also revised higher by 0.6 bushels to a record 53.1 bushels per acre. According to the USDA’s weekly report, the harvest has now reached 79% completion as of October 25, slightly ahead of the five-year average of 77%. Meanwhile, US export inspections climbed to 2.48 million metric tons for the week ended October 22, up from 2.07 million the previous week and well above the 1.16 million tons recorded a year earlier. Elsewhere, Brazil’s competitive position remained a concern after President Luiz Inácio Lula da Silva’s reelection weakened the real, making Brazilian soybeans cheaper for overseas buyers relative to US supplies.

Soybean futures fell to around $12.40 per bushel, their lowest level since late August, as expectations for record harvests in the US and South America weighed on prices. The USDA’s October WASDE report raised its forecast for the 2026/27 US soybean crop by 1% from the previous estimate to a record 4.56 billion bushels, up 7% from the previous year. The projected yield was also revised higher by 0.6 bushels to a record 53.1 bushels per acre. In South America, favorable weather has supported planting prospects despite concerns over a potential Super El Niño. Brazil’s CONAB forecasts soybean production to rise 0.7% year over year to 181.6 million tonnes in 2026/27, while the Buenos Aires Grain Exchange expects Argentina’s planted area to increase 1% to 17 million hectares. However, stronger US exports and resilient Chinese feed demand offered some support to prices, although Brazil’s growing dominance in China’s soybean import market continued to weigh on US export competitiveness.