Soybean futures maintained upward momentum during Wednesday morning trading sessions, with prices advancing 6 to 7 cents from the previous close. This followed a stronger performance on Tuesday, when front-month contracts had climbed 10 to 11 cents on the heels of gains in soybean meal. Open interest expanded by 9,913 contracts, indicating net new buying interest in the market.
Cash bean prices in the national market reflected the broader strength, with the cmdtyView average advancing 14 1/2 cents to reach $12.60 per bushel. November 2026 soybean futures settled at $13.18 3/4, up 14 1/2 cents, while January 2027 contracts closed at $13.35 1/4, also up 15 cents. March 2027 futures finished at $13.43, up 15 cents. In the meal complex, soybean meal futures rallied $6.30 to $9.90. Soybean oil showed mixed performance, with front-month contracts posting gains of 9 to 23 points while deferred months declined 2 to 28 points.
Market fundamentals included data from the National Oilseed Processors Association, released Tuesday morning, showing member crushings of 205.46 million bushels during August—below the 211.55 million bushel estimate but 8.24% above year-ago levels. Soybean oil inventories were valued at 1.201 billion pounds, representing a 3.5% decline from the prior year. Meanwhile, soybean oil stocks remained a point of attention for market participants.
Weather considerations added complexity to the outlook, as forecasts indicated more than 1 to 3 inches of rain across eastern Nebraska and South Dakota through Minnesota, Iowa, northern Missouri, and the Eastern Corn Belt, potentially hampering harvest operations in the near term.
Internationally, Brazil’s soybean crop estimate remained relatively steady at 180.4 million metric tons according to the latest CONAB assessment released Tuesday, down just 0.06 million metric tons from the previous month. Brazil’s first estimate for the 2026/27 crop cycle stood at 181.64 million metric tons, compared to the USDA’s projection of 186 million metric tons for the same period.
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