CBOT soybeans bounce from six-week low on short covering, technicals
SOYB•CBOT soybean futures settled 4-1/2 cents higher at $12.92 per bushel after rebounding from six-week lows, despite the USDA raising its 2026 U.S. production outlook to 4.562 billion bushels.
1. USDA raises outlook
The USDA raised its 2026 U.S. soybean production forecast to 4.562 billion bushels from 4.535 billion a month earlier, and lifted its average yield forecast to 53.1 bushels per acre from 52.8. It also raised its 2026/27 ending stocks outlook to 315 million bushels from 310 million; analysts had expected 305 million.
2. Harvest progress
Harvesting accelerated during the week amid mostly dry Midwest weather, though late-week rain stalled field work in parts of the western Midwest. The USDA estimated that 25% of the crop had been gathered as of the previous Sunday and was due to update harvest progress on Tuesday.
3. Related futures
CBOT December soymeal settled $8 higher at $365.60 per ton, while December soyoil rose 0.10 cent to 68.02 cents per pound.
