Soybean contracts dropped by 8 ½ to 11 ¼ cents on Wednesday, with the cmdtyView national average Cash Bean price at $10.95 ½, down 11 ¼ cents. Notably, soymeal futures decreased by 60 cents to $5.40, while soy oil futures edged up by 30 to 71 points.
USDA Secretary Vaden confirmed that China is expected to honor its commitment to purchase 25 million metric tons (MMT) of US soybeans this year, with orders already being placed. However, USDA’s Export Sales data reported only 317,000 metric tons in sales to unidentified destinations for the 2026/27 period, with old crop sales projected between 100,000 and 500,000 metric tons.
As of July 26, Jul soybeans closed at $11.54, down 11 ¼ cents, while Aug soybeans were at $11.58 ¼, and Nov soybeans closed at $11.67 ¼. The new crop cash price was $11.02 ¾, down 10 ¼ cents. A NOAA forecast indicates 1-2 inches of precipitation expected across the Central/Western Corn Belt, mainly before the weekend.
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