U.S. soybean futures decline as markets react to USDA's updated supply outlook.
📉 In overnight trading ahead of the October 12 session, CBOT November soybean futures fell 8.75 cents to $12.8325 per bushel, facing pressure following the October WASDE report released late last week.
🌾 The USDA raised its U.S. soybean yield forecast to 53.1 bushels per acre, exceeding market expectations. Production is projected at 4.562 billion bushels, up 27 million from the previous month, while ending stocks increased slightly to 315 million bushels.
📊 However, the USDA also raised its export forecast by 10 million bushels. The supply-demand revisions suggest relatively limited bearish pressure on soybeans, particularly compared with the larger adjustments in the corn market.
🌍 Markets continue to monitor U.S. harvest progress, South American weather conditions, and import demand. These factors could determine how long downward price pressure persists in the coming sessions.
#Soybeans $GNS
📉 In overnight trading ahead of the October 12 session, CBOT November soybean futures fell 8.75 cents to $12.8325 per bushel, facing pressure following the October WASDE report released late last week.
🌾 The USDA raised its U.S. soybean yield forecast to 53.1 bushels per acre, exceeding market expectations. Production is projected at 4.562 billion bushels, up 27 million from the previous month, while ending stocks increased slightly to 315 million bushels.
📊 However, the USDA also raised its export forecast by 10 million bushels. The supply-demand revisions suggest relatively limited bearish pressure on soybeans, particularly compared with the larger adjustments in the corn market.
🌍 Markets continue to monitor U.S. harvest progress, South American weather conditions, and import demand. These factors could determine how long downward price pressure persists in the coming sessions.
#Soybeans $GNS