US soybeans extended their weakness, with CBOT soybeans settling lower for a third consecutive trading day. As of the October 28 close, the January contract fell to 1,237 cents/bushel; the benchmark January contract failed to hold early-session gains, with speculative fund liquidation and selling as the direct source of pressure. The bearish factors come from two dimensions: first, Russian authorities have for the first time since July allowed grain vessels to depart the Sea of Azov, with permits for transit through the Kerch Strait issued through November 15, and the market worries that a recovery in Black Sea shipping could erode export demand for US grains and oilseeds; second, the collapse of the Brazilian real has left South American soybeans supplying the global market at prices substantially below those of the US, diverting export share away from US soybeans.