Soybeans Near 3-Month Low on Ample Supply Outlook

Soybean futures fell around $11.9 per bushel, approaching their lowest level in three months, as expectations of abundant global supplies and concerns over Chinese demand weighed on prices. The US harvest was 88% complete as of November 1, four percentage points ahead of the five-year average, keeping production on track for a record. Competition from Brazil added to the pressure, as a weaker real made its exports more competitive, while planting for the 2026/27 crop reached 53% of the projected area, six percentage points ahead of last year's pace. Demand concerns also grew after China's commercial soybean oil inventories climbed to nearly 1.5 million tons, up 4.3% from a year earlier, as strong crushing activity outpaced sluggish consumption. Meanwhile, fresh Chinese purchases offered some support, with the USDA reporting a sale of 136,000 MT to China for the 2026/27 marketing year. The USDA reported further sales of 165,150 MT and 132,000 MT to unknown destinations.