Soybean futures markets experienced a reversal in early trading on Wednesday, with contracts posting losses of 12 to 15 cents. This followed a stronger Tuesday session where nearby and forward contracts had closed with gains ranging from 21 to 29 3/4 cents, accompanied by a notable increase in open interest of 24,979 contracts. The national average cash soybean price had climbed 11 3/4 cents to settle at $12.62 1/4, while soybean meal futures gained $1.80 to close at $7.40 and soy oil strengthened by 116 to 187 points.
Activity in the soybean complex included a private export sale of 136,000 metric tons to China reported by the USDA for the 2026/27 marketing year. Overnight, there were no delivery notices issued against September bean contracts, while 256 notices were filed against September bean oil. No delivery notices were recorded for September meal positions.
The USDA released July soybean crush data showing crushers processed 221.9 million bushels of soybeans during the month, exceeding trade expectations with a 1.89 percent increase from June and marking an 8.16 percent rise compared to the prior year. Soybean oil inventories stood at 1.963 billion pounds, representing a 6.4 percent decline from the previous month but remaining 4.73 percent above year-ago levels.
Crop progress assessments indicated a decline in soybean condition ratings, which fell 2 percentage points to 58 percent good to excellent, with the Brugler500 index dropping 4 points to 353. Regional deterioration was observed across multiple states, though some areas showed modest improvements. Meanwhile, StoneX adjusted its Brazilian soybean crop estimate upward to 183.5 million metric tons, an increase of 0.4 million metric tons from the previous forecast.
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