Soybean futures surged on Thursday, with contracts rising 18 to 20 cents in the front months, while the cmdtyView national average cash bean price increased by 16.5 cents to $9.85 ¾. Soymeal futures saw a rise of $4.80 in September contracts, and soy oil futures rallied between 169 to 244 points. The EPA is expected to announce details regarding Small Refinery Exemptions this week.
In the week of August 14, export sales showed net cancellations of 5,738 MT for old crop beans, but new crop sales soared to 1.143 MMT, the highest for the marketing year, with the largest buyer being an unknown destination at 645,000 MT. Soybean meal sales totaled 221,882 MT, while bean oil bookings were 2,596 MT.
The ProFarmer Crop Tour reported an average soybean pod count of 1,479.22 in Illinois, marking a 4.23% increase from last year and 12.6% above the 3-year average. Globally, soybean production for the 2025/26 marketing year is estimated at 430 MMT, an increase of 2 MMT from the previous month.
