Soybeans Rebound from 3-Month Low

Soybean futures surged 3% above $12 a bushel, recovering from three-month lows and tracking gains across grain markets after the latest WASDE report. The USDA raised its estimate of US soybean production to 4.574 billion bushels, with a record average yield of 53.3 bushels per acre, up from its October forecast of 4.562 billion bushels and 53.1 bushels per acre. In contrast, the agency cut its corn production estimate to 15.893 billion bushels, below both its previous forecast and analysts’ expectations, citing a lower projected yield. As of November 8, the US soybean harvest was 92% complete and corn harvesting had reached 81%. Expectations of large crops in Brazil could limit further gains, although renewed optimism over Chinese demand provided support. Beijing has pledged to purchase 25 million metric tons of US soybeans annually for three years, alongside additional agricultural products, raising hopes for stronger exports ahead of a possible Trump-Xi meeting later this month.