Soybeans Fall on Higher US Supply Outlook

Soybean futures fell below $12.9 per bushel, reaching a one-week low as the USDA's latest report pointed to a more abundant US supply outlook for the 2026/27 season. The agency raised its soybean yield estimate to 53.1 bushels per acre from 52.8 in September, lifting projected production to 4.56 billion bushels from 4.535 billion. US ending stocks were also revised higher to 315 million bushels from 310 million, adding to concerns over ample supplies. However, the USDA increased its export forecast by 10 million bushels, providing some offset to the bearish outlook, while its season-average farm price estimate remained unchanged at $12 per bushel. Meanwhile, China's Agriculture Ministry cut its 2026/27 soybean output forecast by 590,000 tonnes to 20.36 million tonnes in its October outlook, citing lower-than-expected planted area and yields. The reduction, alongside higher production costs and rising global prices, supported new-crop soybean prices in China.