U.S. soybeans are under pressure and trending lower, with the core bearish factors coming from a double squeeze on the supply side and the exchange rate side. The U.S. new-crop soybean harvest is progressing smoothly, with the harvest completion rate reaching 79% for the week ending October 25. Expectations of a bumper crop are gradually being realized, and the concentrated market arrival of new-crop supplies is bringing seasonal pressure. At the same time, after Brazilian President Lula's unexpected re-election, the real depreciated sharply by about 12%, significantly enhancing the export price competitiveness of Brazilian soybeans, squeezing out the U.S. share of the global market and further weighing on expectations for U.S. soybean export demand. The CBOT November soybean contract once fell to 1,239 cents per bushel.