Soybeans Facing Early Wednesday Weakness

Soybeans are down 6 to 8 cents early on Wednesday Futures were fractionally to 5 ¼ cents in the red at the Tuesday close. Open interest was up 12,787 contracts. The cmdtyView national average Cash Bean price was down 4 3/4 cents at $11.90 1/2. Soymeal futures fell $1.70 to $6.10, as Soy Oil futures were up 1 to 8 points in the front months at the close.

The average close for November soybeans in October has been $12.78, as the October is used to determine the harvest price option for crop insurance.

USDA reported a private export sale of 612,000 MT of soybeans to China on Tuesday morning, all for 2026/27.

The NASS Crop Progress report from Monday indicated 64% of the US soybean harvest was complete, now 1 percentage points behind normal and catching up. Harvest pace was behind in IA (-17%), KS (-12%), MI (-14%), NE (-19%), and OH (-11%). Harvest should be able to roll along this next week, with the 7-day QPF from NOAA showing very little precip across much of the Corn Belt this next week.

Brazilian soybean exports for October are estimated at 6.4 MMT according the ANEC, a 0.15 MMT drop from their prior number. That would be down 13.03% from the same month last year if realized.

Nov 26 Soybeans  closed at $12.48 1/4, down 5 1/4 cents, currently down 7 cents

Nearby Cash  was $11.90 1/2, down 4 3/4 cents,

Jan 27 Soybeans  closed at $12.63 1/2, down 5 1/4 cents, currently down 7 1/4 cents

Mar 27 Soybeans  closed at $12.73 1/4, down 4 1/2 cents, currently down 7 3/4 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.