CBOT soybeans end higher as soymeal surges on monthly US crush data

The National Oilseed Processors Association said its members crushed 205.456 million bushels of soybeans in August, an 11-month low, and soyoil stocks thinned to the lowest level since November 2024.

Brazilian crop agency Conab forecast the country's 2026/27 soybean production at 181.64 million metric tons, up 0.7% from the previous year but below the U.S. Department of Agriculture's current forecast for Brazil of 186 million tons.

Harvesting was underway in the U.S. Midwest, although heavy rains were stalling field work in parts of Iowa.

The USDA on Monday reported harvest progress at 8% for corn and 6% for soybeans, ahead of their respective five-year averages of 6% and 3%.

Chicago Board of Trade soybean futures ended higher on Tuesday as soymeal futures surged more than 2% after a monthly industry report showed a smaller-than-expected soybean crushing pace in August, traders said.

A jump in crude oil prices tied to supply disruptions in the Middle East lent additional support to soybeans and corn, both of which are used in the production of biofuels.

• CBOT November soybeans SX26 settled up 14-1/2 cents, or 1.1%, at $13.18-3/4 per bushel.
• CBOT December soymeal SMZ26 ended up $9.20, or 2.6%, at $365.40 per ton. All contract months other than most-active December set life-of-contract highs.
• CBOT December soyoil BOZ6 rose 0.16 cent, or 0.2%, to finish at 70.35 cents per pound.