Soybeans Fade Lower on Wednesday Despite Export Business
Soybeans were weaker on Wednesday, with contracts down 3 to 7 ¼ cents. The cmdtyView national average Cash Bean price was down 6 1/4 cents at $12.51. Soymeal futures closed with gains of 20 cents to $1.80 in the front months, as deferreds were weaker. Soy Oil was steady to 17 points lower on the day.
USDA reported private export sale announcements of 340,000 MT of soybeans to China for 2026/27 and 100,000 MT of 2026/27 beans to unknown destinations this morning.
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Tuesday’s Crop Progress data from NASS showed condition ratings steady at 58% gd/ex, with the Brugler500 index unchanged at 353. By state, ratings on the Brugler500 index were down in IL (-2), IN (-1), IA (-5), MN (-1), MO (-13), ND (-9), and WI (-1). Improvement was noted in some fringe states, as well as MI (+14), NE (+1), OH (+1), and SD (+6).
The USDA will update their data on Friday, with traders surveyed by Bloomberg looking for yield to be trimmed by 0.3 bpa to 52.4 bpa on average. Production is estimated to be down 27 mbu to 4.492 bbu.
Stats Canada data was updated this morning, showing canola stocks as of July 31 at 1.899 MMT, up 18.9% from a year ago. The Rosario Grains Exchange estimates the Argentina soybean crop at 47.8 MMT for 2026/27, down 0.2 MMT from the previous estimate. The Buenos Aires Grains Exchange estimates the crop will see a 1.2% increase in acreage to 17 million hectares (42 million acres)
Sep 26 Soybeans closed at $12.95 1/4, down 7 1/4 cents,
Nearby Cash was $12.51 1/1, down 6 1/4 cents,
Nov 26 Soybeans closed at $13.09 1/2, down 6 3/4 cents,
Jan 27 Soybeans closed at $13.25 1/4, down 6 3/4 cents,
On the date of publication, Austin Schroeder did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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