Soybeans Steady After Sharp Rally

Soybean futures held above $12.1 per bushel, after climbing 3.4% in the previous session to rebound from multi-month lows, as the US Department of Agriculture (USDA) tightened its US supply outlook by cutting production and inventory forecasts more than expected. The agency’s US soybean production estimate came in 23 million bushels below the average analyst forecast, while its projection for domestic and export demand prompted a 15-million-bushel reduction in expected end-of-season stocks, against market expectations for an increase. Meanwhile, the USDA maintained its South American soybean production outlook. However, gains were partly tempered by weaker demand signals from China, where October soybean imports fell to their lowest monthly level since 2023 amid high crusher inventories, negative margins and low pork prices. Still, China’s agriculture ministry raised its 2025/26 soybean import estimate, leaving its 2026/27 forecast unchanged.