CBOT soybean futures fell to a four-month low, due to: first, generally favorable U.S. crop-growing weather, lower crude oil prices, and a lack of positive news; second, the June USDA supply/demand report was neutral to slightly bearish, with modest adjustments. The core logic of a loose global soybean supply/demand balance remains intact. U.S. soybean supply and demand were left unchanged, with the offsetting trends in crush and export supporting inventory balance. Ending stocks for the 2026/2027 soybean season saw no adjustments. The only change was an upward revision of Argentina's soybean production estimate to 50 million metric tons. Meanwhile, Brazil's National Supply Company (Conab) reported that Brazil's 2025/2026 soybean production is expected to reach a record 180.25 million metric tons, up from the May estimate of 180.13 million metric tons.