Soybean futures managed to hold onto their earlier gains through Wednesday’s trading session, with prices across the board registering increases. The market saw gains ranging from 4 to 9 ¼ cents, reflecting a positive sentiment that carried through to the closing bell.
Soybean Market Performance
The cmdtyView national average Cash Bean price experienced a notable uptick, rising 10 ½ cents to settle at $10.68 ½. This cash market strength mirrored the performance in the futures arena. Specifically, July ’26 Soybeans closed at $11.23, up 9 ¼ cents, while August ’26 Soybeans finished the day at $11.27 ¾, a gain of 9 cents. The new crop contracts also saw positive movement, with November ’26 Soybeans closing at $11.38 ½, up 6 ½ cents. The New Crop Cash price reflected this trend, ending the day at $10.73 ¾, also higher by 6 ½ cents.
Related Commodity Movements
In contrast to the upward trend in soybeans, Soymeal futures experienced a downturn. Prices were down between $1.40 and $1 higher on the day, indicating a divergence in market sentiment between the bean and its meal derivative. Soy Oil futures, however, followed the lead of soybeans, posting gains of 33 to 55 points. This mixed performance across related commodities suggests specific market drivers influencing each product.
Anticipation of USDA Reports
Market participants are keenly awaiting two key reports from the U.S. Department of Agriculture (USDA), scheduled for release on Thursday. The weekly Export Sales data is expected to provide insights into recent demand for soybeans. Analysts are estimating 2025/26 bean sales to fall within a range of 150,000 to 400,000 metric tons (MT) for the week ending June 4th. New crop sales are projected between 100,000 and 350,000 MT. For Soymeal, sales are anticipated to be between 150,000 and 600,000 MT, encompassing both the current and next marketing years. Soy Oil sales are forecast to be more subdued, ranging from net reductions of 2,000 MT to net sales of 15,000 MT.
WASDE Report Expectations
The World Agricultural Supply and Demand Estimates (WASDE) report is also due on Thursday, with traders surveyed by Bloomberg anticipating a largely steady outlook. For old crop soybeans, the average trade estimate for carryout is 339 million bushels (mbu), a slight decrease from the May estimate of 340 mbu. New crop carryout is projected to remain unchanged at 310 mbu if realized. On the international front, Brazilian soybean production is expected to be relatively steady, with an average guess of 180.3 million metric tons (MMT). Argentina’s production is anticipated to increase by 0.5 MMT to 48.5 MMT. Furthermore, CONAB, Brazil’s National Supply Company, is also scheduled to release its updated production figures on Thursday morning, which will be closely watched by the market.
The ability of soybeans to maintain their upward momentum into the close on Wednesday, despite mixed signals from related products, suggests underlying support in the market. The upcoming USDA reports will likely play a crucial role in shaping price direction in the coming days, offering further clarity on supply and demand fundamentals.
