Soybeans Facing Early Thursday Pressure, as Meal Rallies to Fresh 2-Year High

Soybeans are trading with contracts slipping back 3 to 4 cents lower on Thursday. Futures closed the midweek session pushing higher, as contracts were up 1 ¾ to 3 ½ cents. Open interest pulled back 4,210 contracts on Wednesday, mainly in the November and January contracts. The cmdtyView national average Cash Bean price was up 1 3/4 cents at $12.62 ¾. Soymeal futures were back 20 cents lower to $2.10 across the board, with Soy Oil 50 to 69 points lower. Meal is rallying another $3.70 to $5.10 this morning.

USDA will update Export Sales data this morning, as analysts surveyed by Reuters are looking for between 0.9-2.4 MMT in 2026/27 soybean sales in the week ending last Thursday. Soybean meal bookings are seen between 150,000 and 650,000 MT in total, as bean oil is expected in a range of net cancellations of 10,000 and combined sales of 10,000 MT.

Stats Canada data estimates the Canadian canola crop for 2026/27 at 22.05 MMT, a 0.8% drop from last year. Soybean output is seen up 7.8% to 7.456 MMT.

Nov 26 Soybeans  closed at $13.20 1/2, up 1 3/4 cents, currently down 3 1/4 cents

Nearby Cash  was $12.62 3/4, up 1 3/4 cents,

Jan 27 Soybeans  closed at $13.37 1/4, up 2 cents, currently down 3 1/2 cents

Mar 27 Soybeans  closed at $13.45 1/4, up 2 1/4 cents, currently down 3 1/2 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.