Soybean futures reversed course early in the week, declining 6 to 7 cents on Tuesday morning after a significant rally on Monday. The previous session had seen contract prices surge 15 to 24 cents higher as traders repositioned long positions. Open interest expanded by 3,122 contracts during Monday’s trading.
The national average cash bean price climbed 24 1/2 cents to close at $12.69 3/4. Related commodities also posted gains, with soybean meal futures advancing $5.60 to $12 across front month contracts and soy oil rallying between 44 and 63 points. November 2026 soybean contracts closed at $13.28, up 24 1/2 cents, though they were down 6 1/4 cents in early Tuesday trading. January 2027 contracts finished at $13.44, up 24 cents, currently showing losses of 6 1/2 cents.
Crop progress data from the USDA showed that 62% of the U.S. soybean crop had dropped leaves as of September 20. Harvest completion reached 12%, outpacing the typical 8% average pace at this point in the season. Crop condition ratings remained steady at 58% good to excellent, though the Brugler500 index declined 1 point to 352 following a shift from fair to poor categories.
Export activity remained robust, with soybean shipments totaling 759,193 metric tons during the week of September 17. This represented an 11.6% increase from the prior week and a 34.2% advance compared to the same period the previous year. China received the largest share at 446,789 metric tons, while Mexico and the Netherlands imported 68,773 and 59,652 metric tons respectively. Year-to-date marketing soybean shipments reached 36.848 million metric tons, running 1.8% ahead of the prior year’s pace.
Market optimism during Monday’s session stemmed from diplomatic developments, as U.S. Treasury Secretary Bessent held meetings with Chinese counterparts over the weekend in advance of planned talks between the two nations’ leaders. Additionally, China’s state grain trader Sinograin conducted soybean sales, moving 338,674 metric tons on Tuesday—just over 62% of offered quantities—and announced plans for another 514,000 metric ton sale the following Monday.
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