On Thursday, the USDA updated its monthly Supply & Demand estimates, showing a much tighter supply outlook for soybeans.
The USDA is projecting much lower global soybean production than most analysts had anticipated, and expects that U.S. stockpiles could be as low as 415 million bushels at the end of next summer, compared with expectations of 535 million bushels.
This caused a brief rally in the market, but by Friday, soybeans had tumbled to a five-week low at $10.02 per bushel, driven primarily by ongoing concerns that trade disputes will hurt Chinese demand for U.S. beans.