Soybean markets displayed strength during Wednesday trading, with futures contracts across the board registering gains. September 2026 soybeans closed at $12.28, up 12 cents, while November 2026 contracts finished at $12.37 3/4, up 13 1/2 cents. January 2027 soybeans closed at $12.52 1/4, up 14 cents. The nearby cash market rose 13 1/4 cents to $12.01 1/1, and new crop cash prices moved up 12 1/2 cents to $11.80 1/2.
This strength followed considerable gains from the previous day, when futures posted increases ranging from 11 ½ to 14 cents across all contracts. Open interest declined modestly by 1,719 contracts. Supporting the market, the USDA reported a private export sale of 132,000 metric tons of soybeans destined for unspecified locations. Additionally, soybean meal futures were steady to $1.10 higher, while soy oil rebounded 39 to 101 points.
Weekly crop progress data from NASS indicated that 91% of the U.S. soybean crop had set pods as of August 23, with 6% of plants dropping leaves. Condition ratings declined 1% to 60% good or excellent, with the Brugler500 index falling 4 points to 357. Regional condition weakness was notable in North Dakota, which fell 19 points, while Ohio and South Dakota each declined 5 points.
International supply developments also influenced sentiment. Agroconsult estimated Brazilian soybean acreage at 49.2 million hectares, slightly exceeding the prior year. In China, state-owned Sinograin sold 222,782 metric tons out of the 290,000 metric tons of imported soybeans offered at an overnight auction.
Article Attribution | Read More at Article Source
Article summary produced by Claude AI