Soybeans Starting Friday with a Slight Correction

Soybeans are showing fractional to penny losses on Friday morning. Futures saw some late pressure to pull off the intraday highs, as contracts were up 1 ¼ to 5 vents across most nearby contracts, with some deferreds down fractionally to 4 cents. Open interest was up 13,757 contracts on Thursday, suggesting new buying interest. The cmdtyView national average Cash Bean price was up 4 3/4 cents at $12.04. Soymeal futures were 40 cents to $1.70 lower, with Soy Oil futures up 11 to 22 points. 

Weekly Export Sales data from USDA showed bookings of 56,351 MT, in the week of 7/16. That was the third lowest for the marketing year but normal as we approach the end of July. China was the buyer of 70,600 MT (68,000 MT of that was switched from unknown). Sales for 2026/27 were tallied at 1.537 MMT, vs. estimates of between 1-1.8 MMT. That was the second largest for the marketing year forward sales and nearly triple the same week last year. China was the top buyer of 1.006 MMT, with 329,700 MT to Mexico.

Meal sales totaled 591,179 MT, which exceeded the trade ideas of 100,000 to 575,000 MT, with most of that for 2026/27 at 406,130 MT and 185,049 MT set for the current marketing year. Bean oil sales were tallied at 635 MT, which was between estimate of net reductions of 10,000 MT to sales of 10,000 MT.

Rabobank estimate the Brazilian soybean crop to be down 4 MMT from the year prior in 2026/27 to 178 MMT.

Aug 26 Soybeans  closed at $12.37 1/2, up 4 1/2 cents, currently unch

Nearby Cash  was $12.04, up 4 3/4 cents,

Sep 26 Soybeans  closed at $12.31, up 5 cents, currently down 3/4 cent

Nov 26 Soybeans  closed at $12.43 3/4, up 4 3/4 cents, currently down 1 cent

New Crop Cash  was $11.84 1/2, up 4 3/4 cents,