Soybean futures declined to around $11.90 per bushel, nearing a three-month low, pressured by expectations of ample global supplies and worries about demand from China. In the US, the soybean harvest was 88% complete as of November 1, four percentage points above the five-year average, keeping production on course for a record. Additional downside pressure came from Brazil, where a weaker real has made exports more competitive, and planting for the 2026/27 crop has reached 53% of the intended area, six percentage points ahead of last year’s pace.
On the demand side, concerns mounted 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 outstripped relatively weak consumption. Even so, fresh buying interest from China offered some support to prices. The USDA reported a sale of 136,000 metric tons to China for the 2026/27 marketing year, along with additional sales of 165,150 metric tons and 132,000 metric tons to unknown destinations.
