Soybean futures closed lower on Wednesday, with contracts down 3 to 7 1/4 cents, even as the USDA announced private export sales of 340,000 MT of soybeans to China for 2026/27 and 100,000 MT of 2026/27 beans to unknown destinations. The cmdtyView national average Cash Bean price fell 6 1/4 cents to $12.51, while soymeal futures gained 20 cents to $1.80 in the front months and soy oil was steady to 17 points lower. Tuesday's NASS Crop Progress data showed condition ratings steady at 58% good/excellent, with the Brugler500 index unchanged at 353, though ratings fell in Illinois, Indiana, Iowa, Minnesota, Missouri, North Dakota and Wisconsin and improved in Michigan, Nebraska, Ohio and South Dakota. Traders surveyed by Bloomberg expect Friday's USDA update to trim yield by 0.3 bpa to 52.4 bpa on average, with production down 27 mbu to 4.492 bbu. Stats Canada reported canola stocks as of July 31 at 1.899 MMT, up 18.9% from a year ago, while the Rosario Grains Exchange cut its Argentina soybean crop estimate to 47.8 MMT for 2026/27 and the Buenos Aires Grains Exchange projected a 1.2% increase in Argentine acreage to 17 million hectares.
Soybean futures closed lower despite a 340,000 MT China export sale, with traders expecting Friday's USDA update to trim yield and production.
Soymeal futures gained 20 cents to $1.80 in the front months even as soybeans slipped.
Soy oil was steady to 17 points lower alongside weaker soybean futures.
