Soybeans Correct Lower Ahead of Friday USDA Reports, with Export Business Dragging

Soybeans posted Thursday losses of 6 ¼ to 10 ¼ cents across the board at the close. The cmdtyView national average Cash Bean price was down 10 cents at $12.30. Soymeal futures fell back $4.50 to $8.20 lower at the close, with Soy Oil futures 12 to 20 points higher.  

The harvest window is a little shorter in the east, with upwards of an inch in parts of IN and OH in the next few days from the remnants of hurricane Isaias. Much of the rest of the country is dry until next Wednesday/Thursday, with a pocket of 1-2 inches in IA, MO, MN, WI, and the Dakotas. 

Weekly Export Sales data from USDA showed just 549,377 MT of soybean sales in the week of 10/1. That was a low for the short marketing year and 40.25% below the same week last year. China was the lead buyer of 382,900 MT, with Mexico in for 139,800 MT and 60,000 MT to Tunisia. 

Soy meal sales were tallied at 1.047 MMT, with 861,901 MT carried over from the 2025/26 marketing year. Bean oil sales totaled 9,289 MT, as 8,105 MT was carried over from the 25/26 MT.

Traders polled by Bloomberg estimate the US yield to be raised by 0.1 bpa this week in the Crop Production report to 52.9 bpa, with production to up just 3 mbu to 4.538 bbu. US soybean ending stocks are estimated to be down 2 mbu to 308 according to the survey, mainly on the lower 2025/26 carryout.

Nov 26 Soybeans  closed at $12.87 1/2, down 10 cents,

Nearby Cash  was $12.30 0/1, down 10 cents,

Jan 27 Soybeans  closed at $13.04 1/4, down 10 1/4 cents,

Mar 27 Soybeans  closed at $13.14, down 10 cents,