Soybean futures climb a second day after USDA trims its US stock outlook
CBOT soybeans rose for a second day after USDA projected 2026/27 US ending stocks at 300 million bushels, below last month's 315 million, according to Reuters.
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what happened
Soybean futures on the Chicago Board of Trade extended their gains on Wednesday, marking a second straight session of advances. The move followed a monthly supply-and-demand report from the US Department of Agriculture, which raised its domestic harvest estimate by less than the market had anticipated and lifted its demand projections.
According to Reuters, the agency now sees US ending stocks for the 2026/27 season at 300 million bushels, down from 315 million in its previous estimate. Analysts had on average expected stocks to climb to 331 million bushels. China's agriculture ministry, meanwhile, increased its 2025/26 import estimate to 111.62 million metric tons but kept its 2026/27 forecast unchanged.
January soybeans (SF27) finished 2.75 cents higher at 12.30¾ dollars a bushel, testing resistance at their 20-day moving average. December soyoil (BOZ26) gained 1.11 cents to 63.88 cents a pound, and December soymeal (SMZ26) rose 3.20 dollars to 329.70 dollars a ton.
why it matters
Stocks below what analysts expected narrow the supply cushion, which tends to support prices. China's import demand remains a central driver for soybeans, so its purchasing pace continues to shape futures movements.
market impact
Soybeans and processed products: tighter US stock outlook supports prices
- Soybean futures (CBOT) pressure up — US stock forecast below expectations tightens supply
tags
instruments
sources
- CBOT soybeans firm for a second day after USDA cuts US supply outlook — Reuters, 11 November 2026 at 19:57 UTC
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