Soybeans faded the early/overnight gains and Chinese business on Wednesday, with contracts down 6 ½ to 8 ¾ cents at the close. The cmdtyView national average Cash Bean price was down 6 1/4 cents at $12.18 1/2. Soymeal futures were steady to $1.30 higher at the close, with Soy Oil futures down 62 to 99 points. October futures expired today. EPA released on Tuesday they would reallocate 100% or he 1.756 billion RINs of small refinery exemptions from 2025, but is still uncertain of if it would be in 2026 and 2027, or all in the latter.
USDA confirmed private export sales of 470,000 MT of soybeans to China this morning, all for 2026/27.
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.
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%).
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.
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 closed at $12.77 1/4, down 6 1/2 cents,
Nearby Cash was $12.18 1/2, down 6 1/4 cents,
Jan 27 Soybeans closed at $12.92, down 8 cents,
Mar 27 Soybeans closed at $13.00, down 8 1/2 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.