Soybeans Pulling off Early Lows but Failing to Bite on Export Business

Soybeans are falling back 5 to 6 cents so far on Wednesday, but a nickel off the early lows. The cmdtyView national average Cash Bean price was down 5 cents at $12.52 1/4. Soymeal futures are  up 80 cents at midday, with Soy Oil 13 points lower. There were no deliveries against September soybean futures overnight, with 38 deliveries for September meal and 11 for bean oil. 

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.

Monday’s Crop Progress data from NASS showed 26% of the US soybean crop dropping leaves. Condition ratings were 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).

StoneX left their projection for the US soybean yield at 53 bpa on Tuesday, with acreage raised due to the USDA changes from August, and production pegged at 4.547 bbu.  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.

Sep 26 Soybeans  are at $13.02 1/2, up 8 3/4 cents,

Nearby Cash  is at $12.52 1/4, down 5 cents,

Nov 26 Soybeans  are at $13.11, down 5 1/4 cents,

Jan 27 Soybeans  are at $13.27, down 5 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.