Soybeans rise further as Midwest crop concerns build
SOYB•Soybeans gain for fourth straight session
Chicago soybeans rose for a fourth straight session on Wednesday as results from an industry field 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 cut its corn and soybean yield forecasts last week.
The most-active soybean contract Sv1 on the Chicago Board of Trade rose 20-1/2 cents to $12.37-1/4 per bushel.
China sales and crush demand support soybeans
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 more than 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.
Wheat supported by Black Sea export disruption
The wheat market was underpinned by severe disruption to Black Sea exports after continued Russian and Ukrainian attacks on shipping.
Ukraine's agricultural exports dropped to 794,000 metric tons between August 1 and 15 compared to 3.67 million tons exported during the entire month of July, the country's farm minister, Taras Vysotskyi, said on Wednesday.
