Soybeans Near 5-Week Low

Soybean futures prices have plummeted to approximately $12.7 per bushel, flirting with a five-week low, as harvest pressures from an anticipated record US soybean crop take their toll on prices. The slowdown in the harvest due to a wet late summer and early autumn has been compounded by the influx of fresh supplies flooding the market. As of September 27, the harvest had reached 17% completion, aligning with the five-year average, with the crop graded 58% good or excellent.

The outlook for weaker August soybean crushes has further tipped the scales against prices, with processors crushing 209.6 million bushels, falling short of the anticipated trade estimate. Additionally, concerns over weak Chinese demand have also added to the downward pressure, as soybeans were not included in China's most recent US agricultural tariff reductions and continue to be subject to an extra 10% tariff.

Chinese crushers have largely satisfied their requirements with South American supplies since early 2027, while high inventories and meager margins have curtailed further acquisitions.

Despite these headwinds, US export demand remains robust, with weekly shipments totaling 1.03 million tonnes for the 2026/27 season, encompassing 589,400 tonnes destined for China.