Soybean Prices Decline as Product Markets Diverge

Soybean prices declined on Wednesday, with futures contracts closing between 1 cent and 5.5 cents lower. The national average cash price for soybeans dropped 6.25 cents to end at $12.4025 per bushel. This downward movement occurred as soybean products diverged, with soybean meal futures rising while soybean oil futures (CBOT:ZL1!) declined. Specifically, November 2026 soybean contracts fell 5.5 cents to close at $12.975 per bushel.

The market pressure comes as traders evaluate upcoming crop projections and weather patterns. Average estimates indicate that the upcoming Crop Production report may raise the U.S. soybean yield by 0.1 bushels per acre to 52.9 bushels per acre, increasing overall production by 3 million bushels to a total of 4.538 billion bushels. Additionally, dry weather across the country is expected to help farmers make significant harvest progress in the coming week, though rain is forecast further out for key growing regions in Nebraska, Missouri, Iowa, Indiana, and Ohio.

Market participants are also waiting for the weekly export sales report from the U.S. Department of Agriculture. Analysts anticipate that soybean export sales for the week ending October 1 will range between 0.45 million and 1.2 million metric tons. Meanwhile, soybean meal sales are expected to be between 150,000 and 300,000 metric tons, and soybean oil sales are projected to come in between zero and 3,000 metric tons.