Soybeans Hover Near 3-Month Low

Soybean futures traded around $11.8 per bushel, near their lowest level since mid-August as traders positioned ahead of the USDA's November WASDE report. The report is expected to provide fresh estimates for US soybean production and ending stocks, with prospects for a large domestic crop keeping supply concerns in focus. The US soybean harvest reached 92% completion as of November 8, one percentage point ahead of the five-year average, keeping seasonal supplies flowing into the market. Meanwhile, renewed hopes for stronger Chinese purchases provided some support following last week's call between US and Chinese trade officials, during which Washington urged Beijing to honor its agricultural purchasing commitments. China pledged to buy 25 million metric tons of US soybeans annually for three years, alongside an additional $17 billion in US agricultural products each year through 2028. The talks raised hopes for increased purchases ahead of a possible Trump-Xi meeting later this month.