Weekly Crop Progress data showed 79% of the US soybean crop dropping leaves, 2 points ahead of average. Harvest was 19% complete, just shy of the 20% average pace. Condition ratings improved 1% to 62% good to excellent, with the Brugler500 index up 3 points to 361.

According to USDA, soybean export shipments totaled 593,956 MT (21.82 mbu) during the week ending September 25. This was 5% higher than the same week last year but down 13.1% from the prior week. Germany was the top buyer with 128,961 MT, followed by Turkey at 72,076 MT. China was not yet present in the report. Despite this, total 2025/26 exports since September 1 have reached 2.246 MMT (82.53 mbu), 16.4% above the same period last year and the largest in the past 5 years.

Ahead of Tuesday’s Grain Stocks report, analysts expect NASS to show September 1 soybean stocks at 325 mbu. Bloomberg’s survey ranges between 295 and 366 mbu.

AgRural estimates Brazil’s soybean crop at 3.2% planted as of Thursday, compared to 2% at the same time last year.