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The USDA’s November supply-and-demand report lowered its 2026/27 global soybean production estimate from 442.7 million to 442.5 million tonnes and projected ending stocks at 123.5 million tonnes, down from 124.28 million. U.S. production was forecast at 124.48 million tonnes, but ending stocks at 8.17 million tonnes came in below market expectations; Chicago soybean futures rose more than 3%, with the January contract up 3.35% to $12.28 per bushel.
Lower-than-expected U.S. ending stocks and reduced global stocks tighten the projected supply outlook, supporting soybean prices and potentially lifting feed costs for soybean meal users.
valor.globo.comPaulo Santos, Luiz Eduardo Minervino, Marcos FantinNov 11, 2026After 747 past bullish report events, Soybeans moved a median +0.3% over 5 sessions (54% higher; middle half -1.4% to +2.1%), and +0.8% over 20.
After 414 past bullish report events, Soybean Meal moved a median -0.1% over 5 sessions (48% higher; middle half -2.1% to +2.3%), and +0.3% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
