Soybeans hit two‑month low on record US harvest

Chicago Board of Trade soybean futures dropped more than 1% on October 26, 2026, with the most-active contract falling to a two‑month low. Prices traded around $12.41–$12.44 a bushel during Asian hours after touching their weakest level since August 26 earlier in the session.

The move marked a reversal from recent strength and underscored renewed downward pressure on the oilseed market as fresh US supplies reached the market at pace.

The decline in soybean prices is being driven primarily by supplies from a record US harvest entering commercial channels. As the US harvest gathers pace, large volumes of newly harvested beans are arriving at elevators and into the delivery system, exerting what traders describe as classic harvest pressure on nearby futures.

With abundant supply available, buyers can be more selective, and storage capacity becomes more valuable, weighing especially on the most‑active contracts. One Singapore-based trader cited ongoing seasonal pressure and noted that there were few supportive factors for prices at this stage of the harvest.

Lower crude oil prices are adding another headwind for soybeans. Soybean oil is used in the production of biofuels, and crude prices often provide direction to agricultural markets because of the growing use of grains and oilseeds in energy applications.

Last week, soybean prices had been supported by higher crude oil, but the recent pullback in energy markets has reduced that support, contributing to the latest leg lower in soy futures.

Despite the price decline, demand indicators remain firm. The US Department of Agriculture reported weekly soybean export sales of 2.8 million metric tons, with Chinese buying helping to lift overall volumes.

Strong export demand also underpinned soybean prices in the prior week, but current demand has not been sufficient to absorb the wave of supplies from what traders expect to be an all‑time high US crop, leaving futures under pressure for now.

The weakness in soybeans coincided with declines in other major grains. Corn (C1:N) prices also fell alongside soybeans, reflecting broader pressure across US crop markets as harvest progresses and energy prices ease.

Wheat futures (W1:N) moved lower as well, but losses there were limited by continued disruption to Black Sea supplies. Ongoing logistical and export uncertainties in that region are helping to provide some support to wheat, in contrast to the heavier supply-driven pressure observed in soybeans.