The CBOT soybean futures November contract settled at 1189.50 cent/bushel, up 9.50 cents per bushel. The gain was primarily driven by bullish news from the USDA monthly supply/demand report: the report lowered the 2025/26 U.S. soybean ending stocks forecast from 340 million bushels to 310 million bushels, below market expectations; global soybean stocks were also revised downward to 124.17 million metric tons. Although new-crop production estimates were slightly raised, the tighter stocks data still provided support. Meanwhile, private exporters this week reported cumulative sales of nearly 1 million metric tons of soybeans to China and unknown destinations, further boosting market sentiment. In the near term, attention should be paid to Chinese purchases of U.S. soybeans, with the main contract expected to trade in a range of 11701200 cents per bushel with a firm bias.