Soybean futures climbed back toward $12 per bushel, rebounding from a recent three-month low as fresh export sales to China spurred bargain buying. The USDA reported a private sale of 136,000 metric tons of US soybeans to China for delivery in the 2026/27 marketing year on November 6, marking the fifth trading day out of six with announced soybean sales to the Asian buyer. US export demand has also stayed relatively firm, with shipments hitting a marketing-year high of 2.531 million metric tons in the week ended October 29.
Upside, however, may be capped by expectations of ample supplies. The US harvest was 88% complete as of November 1, running ahead of the five-year average, while favorable planting conditions in Brazil point to strong competition from South American exporters. Market participants are now awaiting Tuesday’s USDA WASDE report for updated forecasts on US production, exports, and ending stocks. Expectations for a further increase in what is already a record US crop continue to weigh on the price outlook.
