Soybeans Pushing Back on Thursday AM Trade
Soybeans are trading 8 to 9 cents higher early on Thursday. Futures were weaker on Wednesday, with contracts down 3 to 7 ¼ cents. Open interest rose 16,832 contracts on Wednesday, mainly in July (+10,803). The cmdtyView national average Cash Bean price was down 6 1/4 cents at $12.51. Soymeal futures closed with gains of 20 cents to $1.80 in the front months, as deferreds were weaker. Soy Oil was steady to 17 points lower on the day. There were again no deliveries for September soybeans, with 39 issued for September meal and 1 for bean oil. September futures expire on Monday.
USDA reported private export sale announcements of 340,000 MT of soybeans to China for 2026/27 and 100,000 MT of 2026/27 beans to unknown destinations on Wednesday morning.
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The USDA will update their data on Friday, with traders surveyed by Bloomberg looking for yield to be trimmed by 0.3 bpa to 52.4 bpa on average. Production is estimated to be down 27 mbu to 4.492 bbu.
Stats Canada data was updated on Wednesday morning, showing canola stocks as of July 31 at 1.899 MMT, up 18.9% from a year ago. The Rosario Grains Exchange estimates the Argentina soybean crop at 47.8 MMT for 2026/27, down 0.2 MMT from the previous estimate. The Buenos Aires Grains Exchange estimates the crop will see a 1.2% increase in acreage to 17 million hectares (42 million acres)
Sep 26 Soybeans closed at $12.95 1/4, down 7 1/4 cents, currently unch
Nearby Cash was $12.51 1/1, down 6 1/4 cents,
Nov 26 Soybeans closed at $13.09 1/2, down 6 3/4 cents, currently up 8 3/4 cents
Jan 27 Soybeans closed at $13.25 1/4, down 6 3/4 cents, currently up 8 1/2 cents
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