28.10.202604:28:36UTC+00Soybeans Hold Near 9-Week Low

Soybean futures hovered near $12.30 per bushel, trading close to a nine-week low as the rapid pace of the US harvest partly offset robust export demand. The USDA’s latest weekly report showed that, as of October 25, the US soybean harvest was 79% complete, slightly above the five-year average of 77%.

On the demand side, US export inspections rose to 2.48 million metric tons for the week ended October 22, up from 2.07 million tons the previous week and more than double the 1.16 million tons recorded a year earlier.

Some support for prices came from supply-side concerns. A recent study indicated that Brazil’s soybean production could decline to 163.6 million metric tons under a strong El Niño scenario, compared with an estimated 181.2 million tons under neutral weather conditions.

Still, Brazil’s competitive edge in the global market remained in focus. The reelection of President Luiz Inácio Lula da Silva weighed on the Brazilian real, potentially making Brazilian soybeans more affordable for international buyers relative to US supplies.