The benchmark January soybean contract of CBOT fell 3.2% last week; the December soybean meal contract fell 1.82%. US soybeans extended their decline, hitting a new stage low since mid-August. The US soybean harvest is drawing to a close, with expectations of a bumper crop weighing on the board, and funds continued to reduce positions. The market is front-running the November 10 USDA monthly supply and demand report, with focus on adjustments to US soybean yields, exports and ending stocks. In the week of October 29, US soybean net sales totaled 1.46 million tonnes, including 870,000 tonnes of new-crop soybeans to China; large export orders from November 26 totaled 573,000 tonnes, of which China accounted for 272,000 tonnes, for delivery in the 2026/27 marketing year.