Soybean Futures Hit Two-Month Low

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.