Soybean futures climbed 3% to trade above $12 per bushel, rebounding from three-month lows and following broader strength across grain markets after the latest WASDE report. The USDA raised its estimate for US soybean output to 4.574 billion bushels, with a record average yield of 53.3 bushels per acre. That compares with the October forecast of 4.562 billion bushels and an average yield of 53.1 bushels per acre.
In contrast, the agency cut its corn production estimate to 15.893 billion bushels, undershooting both its prior projection and analysts’ expectations, citing a lower anticipated yield. As of November 8, the US soybean harvest was 92% complete, while corn harvesting had reached 81%.
Prospects for large Brazilian crops may cap further price gains, but renewed optimism around Chinese demand is lending support. Beijing has pledged to buy 25 million metric tons of US soybeans annually for three years, along with additional agricultural products, bolstering expectations for stronger exports ahead of a potential Trump–Xi meeting later this month.
