Soybeans Facing Weakness on Wednesday Morning Following Elections

Soybeans are trading with contracts down 3 to 9 cents so far on Wednesday morning following the Tuesday US elections that saw Democrats take control of the House and Senate. Futures closed the Tuesday session with contracts down 1 ¾ to 9 ¼ cents across the board, as traders were taking more money off the table on election day. Open interest was up 5,486 contracts on the session. The cmdtyView national average Cash Bean price was down 1 1/4 cents at $11.49 1/2. Soymeal futures were down $1.60 to $5.00, with Soy Oil futures mixed, anywhere from 4 points lower to 20 higher. 

USDA reported a private export sale of 134,000 MT of soybeans on Tuesday, to unknown destinations for the 2026/27 marketing year.

Crop Progress data from Monday afternoon indicated 88% of the US soybean crop harvested as of Sunday, now 4 points ahead of average. Very few states were behind schedule, specifically just KS (-6%), MN (-1%), and NE (-4%).

Brazil’s soybean crop is estimated at 184.95 MMT according to StoneX, up 1.59 MMT from their prior number. The StoneX estimate for the US crop saw yield increase 0.9 bpa from last month’s number to 55 bpa, with production up 77 mbu to 4.725 bbu.

Nov 26 Soybeans  closed at $12.03, down 1 3/4 cents, currently down 9 3/4 cents

Nearby Cash  was $11.49 1/2, down 1 1/4 cents,

Jan 27 Soybeans  closed at $12.14, down 2 3/4 cents, currently down 7 cents

Mar 27 Soybeans  closed at $12.20 3/4, down 5 3/4 cents, currently down 7 cents

Nov 27 Soybeans  closed at $11.92, down 8 1/2 cents, currently down 6 3/4 cents

New Crop Cash  was $11.24 1/2, down 10 1/4 cents,

On the date of publication, Austin Schroeder did not directly have a position 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.