Soybean Futures Hit 6-Week Low

Soybean futures fell below $12.8 per bushel, hitting a six-week low as expectations for a record-large US crop and active harvesting weighed on prices. The USDA raised its 2026 soybean production forecast to 4.562 billion bushels from 4.535 billion in September, above expectations of 4.534 billion, while lifting its average yield estimate to 53.1 bushels per acre from 52.8. Mostly dry weather across the Midwest is allowing farmers to accelerate harvesting, with the USDA’s weekly crop progress report due Tuesday. Meanwhile, Brazil’s soybean planting is advancing at a record pace, with favorable rainfall supporting fieldwork. Traders are now monitoring potential Chinese demand following recent talks between Trump and Xi Jinping, although punitive Chinese tariffs continue to discourage private buyers. China also lowered its 2026/27 soybean production forecast to 20.36 million tonnes but kept its import outlook at 95.5 million tonnes, well below the USDA’s 115 million-tonne estimate.