Soybeans Fading Overnight gains and Chinese Buying

Soybeans traded lower earlier in the day, with contract prices sliding 8½ cents to leave cash bean futures around $12.16. Soy meal futures fell $3.30 while oil fuels futures slipped 90 points, and October harvester contracts expire today.

Rains fell across the Texas Panhandle, Kansas, Missouri, Illinois and neighboring states, pausing some harvests. Additional precipitation is forecasted for the affected regions over the coming days, though the broader eastern Midwest and some parts of Michigan may experience drier conditions soon.

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Reuters reports indicate China bought 8–10 Panamax (≈60,000 MT+) of U.S. soybeans overnight. The USDA confirmed a private export sale of 470,000 MT of soybeans to China this morning for the 2026/27 trade.

The NASS Crop Progress report, issued Tuesday, shows 46 % of the U.S. soybean harvest finished—about 4 percentage points below normal. Harvest activity remained lagging in several heartland states, including Iowa (−18 %), Kansas (−10 %), Michigan (−11 %), Minnesota (−7 %), Nebraska (−29 %), Ohio (−10 %), and South Dakota (−12 %). Condition ratings stayed unchanged at 57 % good‑to‑expect, with the Brugler500 index at 350.

NOPA data slated for Thursday reflects a target of 203.74 million bushels of crushed soybeans among members in September.

Sinograin plans to auction an additional 504,000 MT of imported soybeans on October 20, following last week’s 209,904 MT shipment. Chinese soybean imports totaled 11.88 MMT in September, down from 12.14 MMT in August.

Price snapshot highlights: November 26 soybeans are priced at $12.75, down 8½ cents; nearby cash price sits at $12.16 1/1, also down 8½ cents; January 27 soybeans trade at $12.90, minus 10 cents; March 27 soybeans are at $12.98 ¼, falling 10 1/4 cents.

On the date of publication, Austin Schroeder

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