Chicago soy recovers from lows as cheap buying meets US harvest pressure
Chicago soybeans rose for the first time in three sessions on bargain buying and a lower Brazil crop estimate, Reuters reported. Corn and wheat also gained.
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what happened
Chicago soybean futures rose for the first time in three sessions as buyers picked up the market after its slide and weighed an estimate of lower Brazilian output. Gains stayed limited because the US harvest is still underway and supplies remain ample. According to Reuters, soybeans had dropped to their lowest in three and a half months on Tuesday.
Corn added 0.2% and wheat rose 0.2%, with wheat supported by supply disruptions from the Black Sea region. The US Department of Agriculture said the soybean harvest was 79% complete and the corn harvest 60% finished, in line with expectations. Traders remain concerned that a weaker Brazilian real could reduce US demand for grains and soybeans.
why it matters
The real slumped after President Luiz Inacio Lula da Silva was reelected, erasing earlier investor optimism and raising doubts about US grain export demand. Serasa Experian projects Brazil's soy crop at 163.6 million tons under a strong El Nino scenario, versus 181.2 million under neutral weather.
market impact
Soy and corn: large US supplies weigh on prices, while the Brazil crop outlook gives soy some support
- Soybeans CBOT mixed — bargain buying and a smaller Brazil crop estimate offset US harvest pressure
- Corn pressure down — the advancing US harvest adds to stocks and export supplies
- Wheat pressure up — supply disruptions from the Black Sea region provide a floor
tags
instruments
sources
- Soybeans rebound on bargain buying, US harvest limits upside — Reuters, 28 October 2026 at 03:32 UTC
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