CBOT soybeans extend gains on US yield concerns, strong demand

• New-crop November soybeans SX26 rose 20-1/2 cents to $12.37-1/4 per bushel.
• CBOT September soymeal SMU26 ended $5.90 higher to $318.90 per short ton, while September soyoil BOU26 settled 0.17 cent higher to 69.86 cents per pound.

Chicago Board of Trade soybean futures rose for a fourth straight session on Wednesday as results from an industry crop tour heightened concerns about mixed U.S. Midwest yield prospects amid Chinese purchases of U.S. beans and record-high demand from soybean crush plants, analysts said.

• Traders are closely watching reports from the Pro Farmer field tour after the U.S. Department of Agriculture (USDA) cut its corn and soybean yield forecasts last week.
• Scouts on the crop tour on Tuesday reported below-average soybean and corn crop prospects in Indiana and Nebraska.
• The tour will assess fields in Illinois and western Iowa on Wednesday before wrapping up in Rochester, Minnesota, on Thursday.
• The USDA lowered its condition ratings for the nation's corn and soybean crops in a weekly report on Monday, following several wet weeks across the Midwest.

• Soybeans drew additional support after the USDA confirmed private sales of 136,000 metric tons of U.S. soybeans to China for delivery in the 2026/27 marketing year.
• Last week, traders told Reuters that China had booked over 7 million tons of U.S. soybeans.
• Meanwhile, National Oilseed Processors Association data showed NOPA members processed 216.647 million bushels of soybeans last month, up 1.1% from June and up 10.7% from July 2025.