CBOT Soybean Market Closes Lower on Wednesday

Soybean futures weakened on Wednesday, with most contracts closing down 4.75 to 7.25 cents, although prices recovered slightly from their session lows. The CmdtyView national average cash soybean price fell 5.75 cents to $11.66 per bushel.

Soymeal futures traded mixed, with some contracts gaining as much as $1.10, while others declined by up to 90 cents. Soybean oil futures fell by 82 to 115 points.

The average closing price for November soybean futures in October has been $12.67 per bushel, with only two days remaining in the harvest price crop insurance discovery period.

The USDA reported a private export sale of 120,000 metric tons of soybeans on Wednesday morning. The sale was destined for unknown destinations for the 2026/27 marketing year.

The weekly Export Sales report will be released on Thursday morning. According to analysts surveyed by Reuters, soybean sales for the week ending October 22 are expected to range from 1.8 million to 3 million metric tons. This estimate includes 1.323 million metric tons in daily announced sales. Sales for the 2027/28 marketing year are projected at 0 to 50,000 metric tons. Soymeal sales are expected to range from 200,000 to 450,000 metric tons, while soybean oil sales are projected at 0 to 10,000 metric tons.

China’s state-owned Sinograin sold 172,240 metric tons of soybeans out of the 512,000 metric tons offered at Tuesday’s auction. The company will hold another auction of 402,000 metric tons of imported soybeans on Tuesday, November 3.