Soybean futures hit two-week high on supply concerns

Chicago Board of Trade soybean futures surged to a two-week high on Friday, as traders reacted to a sharp decline in US supply forecasts, according to <source 48a9740a-721>. The most-active CBOT soybean contract climbed 13-1/2 cents to $12.32-1/2 per bushel, hitting its highest level since October 30 at $12.40-3/4 during afternoon trading.

Corn futures also rose by 3-1/2 cents to $4.46 per bushel, while wheat increased 9 cents to $5.93-1/4 per bushel after dipping to its lowest point since June 30 at $5.82. The USDA's monthly report on Tuesday surprised analysts by lowering its projection for 2026-27 soybean ending stocks, while also setting US corn stocks lower than expected.

The dollar index surged to a 19-month high this week, putting pressure on US grain prices by making them less competitive for foreign buyers. Some traders suggested Thursday's losses were too severe. The USDA reported on Friday that exporters had shipped US soybeans to China, Vietnam, and unspecified locations, while US corn was sold to Mexico.