Soybeans Hit Nearly 9-Week Low

Soybean futures fell to around $12.40 per bushel, reaching their lowest in nearly nine weeks as expectations for ample global supplies and continued US harvest progress offset strong export demand. Favorable, mostly dry weather across the US Midwest has allowed farmers to advance fieldwork, with 64% of the soybean crop harvested as of October 18, close to the five-year average of 65%. Meanwhile, Brazil’s 2026/27 planting is progressing ahead of last year, raising prospects for additional supplies in the coming months. A weaker Brazilian real could further improve the competitiveness of Brazilian soybeans against US supplies, potentially challenging American export prospects. Selling pressure has persisted despite renewed Chinese demand, with the USDA confirming a sale of 612,000 tonnes of US soybeans to China for delivery in the 2026/27 marketing year. Weekly US export sales also reached 2.84 million tonnes in the week ended October 15, up sharply from 574,878 tonnes the prior week.