Soybeans traded on both sides of unchanged in Monday’s choppy session and closed with minor gains. Support came from strong export demand. USDA reported a sale of 159,000 MT of soybeans to an unknown destination. Gains were limited by profit taking after last week’s strong gains. Gains were also limited by spillover pressure from the lower wheat markets. With one week left in the marketing year, soybean export shipments total 1.497 BB, down 18% from the prior year’s 1.830 BB.
After Monday’s close, EPA did announce that it is granting 1.76 billion RIN exemptions to small refineries. However, EPA intends to reallocate 100% of those exemptions into the 2026 and 2027 obligations. Also, after the close, the crop progress report lowered the soybean rating by 2% to 58% g/e/. That was 1% lower than expected.
In Tuesday’s session soybeans gapped higher on the opening bell and continued to trade with gains thought the session. Early support came from Monday afternoon’s friendly Crop Progress report, which showed a larger than expected decline in crop ratings for the fourth week in a row. News that China bought another 136 TMT of soybeans added support. Weather forecasts calling for the next 15 days to see above too much above normal temps and hit and miss showers added support. AgResource Brazil is estimating Brazil’s 2026/2027 soybean production at 184.1 MMT vs USDA’s estimate of 186 MMT. Brazil is just starting to plant the crop.
On Wednesday soybeans fell sharply lower early in the overnight session and then held at that level overnight. The market got back on the positive side midway through the day session but then faded again and closed with losses. Pressure came from profit taking after Tuesday’s strong gains with the market at 3-year highs. Losses were limited by ongoing solid export demand. Today USDA reported a sale of 202,000 MT of soybeans to China. Losses were also limited by hot and dry conditions for the Northern Plains and western Corn Belt that will continue to deteriorate the crop.
USDA reported July crush at 221.9 MB, a bit higher than the average trade estimate of 220.1 MB. It also set a new record for the month, shattering the old record for 205.2 MB set last year.
In Thursday’s session soybeans traded on both sides of unchanged overnight and saw the session lows at the start of the day session. But then soybeans climbed higher throughout the day session and closed with small gains. Overnight pressure spilled over from the sharply lower wheat markets. Profit taking added pressure. But day session support came from strong export demand. USDA announced a sale of 192,000 MT of soybeans to China. There have been soybean export sales announcements every day this week.
The weekly export sales report showed 3.5 MB in net cancellations for old crop, but new crop sales were 71.6 MB. New crop marketing year to date sales now total 598 MB vs. 296 MB at the same time last year. China has already purchased 7.8 MMT of new crop soybeans and unknown destinations (most likely China) have bought another 5.5 MMT. If all of the unknown sales are to China, they are already halfway to the 25.0 MMT they promised to buy for the marketing year.
Nov soybean support is at $12.15.
For the week, Nov soybeans were at $13.0975 up 21.75 cents while Jan soybeans were at $13.25 up 22.25 cents. Oct soybean meal at $348.20 up $5.70 and Oct soybean oil was at $68.89 down $1.93.
For the month, Sept soybeans were up $1.045 while Nov soybeans were up $1.005. Sept soybean meal at up $19.70 and Sept soybean oil was up $3.24.
Soybean Weekly Comments September 4
Soybean Weekly Comments September 4
Soybeans traded on both sides of unchanged in Monday’s choppy session and closed with minor gains. Support came from strong export demand. USDA reported a sale of 159,000 MT of soybeans to an unknown destination. Gains were limited by profit taking after last week’s strong gains. Gains were also limited by spillover pressure from the lower wheat markets. With one week left in the marketing year, soybean export shipments total 1.497 BB, down 18% from the prior year’s 1.830 BB.
After Monday’s close, EPA did announce that it is granting 1.76 billion RIN exemptions to small refineries. However, EPA intends to reallocate 100% of those exemptions into the 2026 and 2027 obligations. Also, after the close, the crop progress report lowered the soybean rating by 2% to 58% g/e/. That was 1% lower than expected.
In Tuesday’s session soybeans gapped higher on the opening bell and continued to trade with gains thought the session. Early support came from Monday afternoon’s friendly Crop Progress report, which showed a larger than expected decline in crop ratings for the fourth week in a row. News that China bought another 136 TMT of soybeans added support. Weather forecasts calling for the next 15 days to see above too much above normal temps and hit and miss showers added support. AgResource Brazil is estimating Brazil’s 2026/2027 soybean production at 184.1 MMT vs USDA’s estimate of 186 MMT. Brazil is just starting to plant the crop.
On Wednesday soybeans fell sharply lower early in the overnight session and then held at that level overnight. The market got back on the positive side midway through the day session but then faded again and closed with losses. Pressure came from profit taking after Tuesday’s strong gains with the market at 3-year highs. Losses were limited by ongoing solid export demand. Today USDA reported a sale of 202,000 MT of soybeans to China. Losses were also limited by hot and dry conditions for the Northern Plains and western Corn Belt that will continue to deteriorate the crop.
USDA reported July crush at 221.9 MB, a bit higher than the average trade estimate of 220.1 MB. It also set a new record for the month, shattering the old record for 205.2 MB set last year.
In Thursday’s session soybeans traded on both sides of unchanged overnight and saw the session lows at the start of the day session. But then soybeans climbed higher throughout the day session and closed with small gains. Overnight pressure spilled over from the sharply lower wheat markets. Profit taking added pressure. But day session support came from strong export demand. USDA announced a sale of 192,000 MT of soybeans to China. There have been soybean export sales announcements every day this week.
The weekly export sales report showed 3.5 MB in net cancellations for old crop, but new crop sales were 71.6 MB. New crop marketing year to date sales now total 598 MB vs. 296 MB at the same time last year. China has already purchased 7.8 MMT of new crop soybeans and unknown destinations (most likely China) have bought another 5.5 MMT. If all of the unknown sales are to China, they are already halfway to the 25.0 MMT they promised to buy for the marketing year.
Nov soybean support is at $12.15.
For the week, Nov soybeans were at $13.0975 up 21.75 cents while Jan soybeans were at $13.25 up 22.25 cents. Oct soybean meal at $348.20 up $5.70 and Oct soybean oil was at $68.89 down $1.93.
For the month, Sept soybeans were up $1.045 while Nov soybeans were up $1.005. Sept soybean meal at up $19.70 and Sept soybean oil was up $3.24.