Soybeans Fading Overnight gains and Chinese Buying

Soybeans are trading with contracts 8 to 10 cents lower on Wednesday, shrugging off the early gains and Chinese business. The cmdtyView national average Cash Bean price is down 8 3/4 cents at $12.16. Soymeal futures are $3.30 lower, with Soy Oil futures down 90 points. October futures expires today.  

Rains fell in parts of the TX panhandle, KS, MO and IL overnight, putting a pause on some harvest. More rain is expected in those areas, as well as NE through IA, and northern IL/Southern WI in the next couple days, with the southern portions of the ECB seeing upwards of an inch. The 7-day forecast past Friday does look a little drier.

Reuters reports indicate China purchased 8-10 Panamax (~60,000 MT+) cargoes of US beans overnight. USDA confirmed that with a private export sale of 470,000 MT of soybeans to China this morning for 2026/27.

The NASS Crop Progress report from Tuesday indicated 46% of the US soybean harvest was complete, now 4 percentage points behind normal. Harvest pace continued to lag in IA (-18% behind), KS (-10%), MI (-11%), MN (-7%), NE (-29%), OH (-10%), ad SD (-12%). Condition ratings were unchanged at 57% gd/ex, with the Brugler500 index at 350.

NOPA data will be released on Thursday, as traders surveyed by Reuters are looking for 203.74 mbu of soybeans crushed among members in September. 

China’s Sinograin is set to auction off another 504,000 MT of imported soybeans on October 20, following the 209,904 MT sold this week. Chinese soybean imports totaled 11.88 MMT in September, down from the 12.14 MMT number from August.

Nov 26 Soybeans  are at $12.75, down 8 3/4 cents,

Nearby Cash  is at $12.16 1/1, down 8 3/4 cents,

Jan 27 Soybeans  are at $12.90, down 10 cents,

Mar 27 Soybeans  are at $12.98 1/4, down 10 1/4 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.