Soybean Prices Fall on Weak Export Demand and Upcoming USDA Reports
Soybean futures declined on Thursday, with prices dropping between 6 1/4 and 10 1/4 cents across the board. The national average cash price for soybeans fell 10 cents to close at $12.30 per bushel. November 2026 soybean futures ended the session down 10 cents at $12.87 1/2 per bushel, while January 2027 futures slipped 10 1/4 cents to settle at $13.04 1/4 per bushel. Soybean oil futures managed to buck the downward trend, closing slightly higher.
The downturn was largely driven by disappointing weekly export data. Weekly soybean export sales for the week ending October 1 dropped to 549,377 metric tons, marking a low point for the current marketing year and representing a 40.25 percent decrease compared to the same week last year. China was the lead buyer, purchasing 382,900 metric tons, while Mexico and Tunisia also took notable volumes. Additionally, rain from the remnants of Hurricane Isaias is expected to shorten the harvest window in parts of Indiana and Ohio.
Market participants are now positioning themselves ahead of upcoming government crop reports. A survey of traders suggests expectations for a minor increase of 0.1 bushels per acre in average U.S. soybean yields, raising the estimate to 52.9 bushels per acre. Total production is anticipated to rise by 3 million bushels to 4.538 billion bushels, while ending stocks are projected to decrease by 2 million bushels to 308 million bushels.
Key points
- Soybean futures dropped by 6 1/4 to 10 1/4 cents on Thursday, with November contracts closing down 10 cents at $12.87 1/2.
- Weekly soybean export sales fell to a marketing-year low of 549,377 metric tons, down 40.25 percent from the same period last year.
- Traders expect upcoming government crop reports to raise average U.S. soybean yields slightly to 52.9 bushels per acre.
- Rain from the remnants of Hurricane Isaias is expected to shorten the harvest window in parts of Indiana and Ohio.
Written by our AI from expert market sources across the web. It can contain mistakes: check the facts before acting on them. Write-ups powered by the free AI API at FreeTheAI.org
How we writeDisclaimerQuestions and answers
Why did soybean prices decline?
Soybean prices fell due to disappointing weekly export sales, which hit a marketing-year low, combined with trader caution ahead of upcoming government crop reports.
What are the expectations for the upcoming crop reports?
Traders expect average U.S. soybean yields to rise slightly to 52.9 bushels per acre, with total production reaching 4.538 billion bushels and ending stocks dipping to 308 million bushels.
How did weekly soybean export sales compare to last year?
Weekly sales of 549,377 metric tons were 40.25 percent lower than the sales recorded during the same week in the previous year.