Soybeans Fall to 7-Week Low

Soybean futures fell to around $12.7 per bushel, hitting their lowest level in seven weeks as active US harvesting boosted supply prospects, despite 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 Sunday, above the average estimate for 44% complete. Although midweek rains slowed fieldwork this week, drier conditions are forecast in the coming days. Meanwhile, Chinese government buyers booked 8 to 10 cargoes of US soybeans for shipment from December onward, and the USDA confirmed private sales of 470,000 tonnes to China in a daily export sales announcement on Wednesday. Traders are now awaiting September US crush data from NOPA, with analysts expecting processing to fall to a one-year low of 203.737 million bushels. End-of-month soyoil stocks are also projected at 1.116 billion pounds, the lowest since November 2024.