Soybean Prices Drop Amid Weak Export Demand
Soybean prices are declining as the market struggles with weak export demand despite some early price lows. The national average cash bean price fell by five cents to $12.52 per bushel, while soy meal futures rose and soy oil dropped slightly in value. USDA reported private export sales of 340,000 metric tons (MT) of soybeans to China for the 2026/27 crop year and an additional 100,000 MT sold to unknown destinations. Recent data from NASS showed that 26% of the U.S. soybean crop is dropping leaves, with condition ratings remaining steady at 58% good or excellent. StoneX maintained their yield projection for the US soybean harvest but raised acreage estimates due to USDA changes in August. Traders anticipate a potential reduction in projected yields when USDA updates its data on Friday. Canadian canola stocks as of July 31 rose by nearly 19%, reaching 1.899 million metric tons, according to Stats Canada.
Topics: price movements soybeans USDA export sales