On Wednesday, CBOT soybean futures closed higher, hitting a new high since July 29, driven primarily by bullish data from the USDA August Supply and Demand Report. In this report, the 2026/27 U.S. soybean yield estimate was lowered to 52.7 bushels per acre, below July's 53 bushels and the market expectation of 52.9 bushels. The harvested area estimate was revised upward to 85.8 million acres. Production was estimated at 4.519 billion bushels, up from last month's 4.475 billion bushels. Ending stocks were projected at 320 million bushels, above July's 310 million bushels and the market consensus of 304 million bushels. On the weather front, favorable rainfall is expected in the U.S. Midwest in the coming days. In the near term, U.S. soybeans are likely to shift into a range-bound pattern amid the tug-of-war between lower yields and rising inventories, with market attention turning to today's USDA export sales report.