BEIJING: Chicago soybean futures fell to an 11-week low on Wednesday as US farmers neared the end of a big harvest, while concerns grew that cheaper Brazilian supplies could intensify competition for meeting demand outside China.
The most-traded soybean contract on the Chicago Board of Trade (CBOT) fell 0.66 percent to USD12.06 a bushel by 0919 GMT. The US Department of Agriculture said on Monday the US soybean harvest was 88 percent complete, higher than the five-year average of 84 percent.
The agency previously forecast a record-large soybean crop this year. Corn harvesting was 74 percent complete. “The recent depreciation of Brazil’s real and high US freight rates have strengthened the competitiveness of Brazilian soybeans,” said Johnny Xiang, founder of Beijing-based AgRadar Consulting. A slowdown in Chinese buying has also weighed on US soybean prices, he added. On Monday, the USDA confirmed private sales of 136,000 metric tons of US soybeans to China for 2026/27 delivery. Corn remained unchanged at USD4.42-1/2 a bushel, pressured by the ongoing harvest and concerns over sluggish US export demand, analysts said.
Chinese buying of US farm goods other than soybeans is on track for a seven-year low this year despite an agreement to purchase billions of dollars in imports, a Reuters analysis of customs data showed, underscoring long-running uncertainties about the deal.
Copyright Business Recorder, 2026