CBOT soybeans end down on profit-taking pause after 2-1/2 year peak
SOYB•Nearby soybean complex settles lower
- CBOT November soybeans SX26 settled down 7-1/2 cents, or 0.6%, at $13.10-1/4 per bushel, retreating after a climb early in the trading session to $13.24, a contract top and the highest on a continuous chart of the most-active soybean contract Sv1 since December 2023.
- CBOT October soymeal SMV26 ended down $2.80, or 0.8%, at $342.90 per short ton.
- CBOT October soyoil BOV6 fell 1.81 cents, or 2.5%, to finish at 70.64 cents per pound.
Crop estimates and export demand in focus
- A farmer survey conducted by brokerage Allendale Inc forecast the U.S. 2026 soybean yield at 52.6 bushels per acre, below the USDA's last estimate of 52.7. The USDA is scheduled to release updated crop estimates on September 11.
- Ahead of Thursday's weekly USDA export sales report, traders expected the government to report net export sales of U.S. old-crop soybeans in the week ended August 27 at up to 200,000 metric tons and new-crop sales of up to 2.5 million tons.
- Under its daily reporting rules, the USDA confirmed private sales of 202,000 metric tons of U.S. soybeans to China.
Soybeans ease after three-week rally to contract highs
Chicago Board of Trade soybean futures ended lower on Wednesday, pausing and consolidating after a three-week climb to 2-1/2-year highs above $13 a bushel, traders said.
- CBOT soy, corn and wheat futures have been marching higher since mid-August, buoyed by uncertainty about U.S. crop prospects, rising hostilities in the Black Sea grain export region, optimism about U.S. demand for biodiesel and renewed Chinese purchases of U.S. soybeans.
