Soybeans Correct Back Lower into Tuesday’s Close as Traders Look to Trump/Xi Meeting

Soybeans faded back on Tuesday, with front months steady to 3 cents lower and deferreds firm to 1 ¼ cents higher. The cmdtyView national average Cash Bean price was down 2 3/4 cents at $12.66 3/4. Soymeal futures were up $1.30 to $2.40, with Soy Oil down 30 to 95 points. 

Traders are awaiting the meeting between the US and Chinese leaders later this week. Some are looking for the meeting to focus on extending the current trade truce and look to make progress on the current tariffs.

USDA’s Crop Progress report from NASS showed harvest at 12% complete, ahead of the 8% average pace. Condition ratings were steady at 58% gd/ex, with the Brugler500 index slipping 1 point on a move from fair to poor at 352. Ratings in MI were down 25 points, with NE dropping 5 points and IL/IN slipping 1 point. Improvement was noted in ND (+16), SD (+6), MN (+3), MI (+2), and IA (+1).

Harvest may be slow in the west this week with MN, IA, the Dakotas, NE, KS and parts of MO expected to see anywhere from 1 to 4 inches. the heaviest totals near northeast NE, northwest IA and Southeast SD.

The Buenos Aires Grain Exchange estimates the 2026/27 Argentina soybean crop 53.6 MMT, which would be above the 50.1 MMT from last year. 

Brazilian soybean exports in September are estimated to total 8.02MMT according to ANEC, which is down 0.3 MMT from their previous number. That would be a 18.25% drop from August, but up 9.25% from a year ago if realized.

China’s Sinograin sold 338,674 MT of soybeans on Tuesday, which was just over 62% of the total offered. They announced another 514,000 sale for next Monday.

 

Nov 26 Soybeans  closed at $13.25 1/2, down 2 1/2 cents,

Nearby Cash  was $12.66 3/4, down 2 3/4 cents,

Jan 27 Soybeans  closed at $13.41 1/4, down 2 3/4 cents,

Mar 27 Soybeans  closed at $13.48 3/4, down 3 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.