Soybean contracts are facing losses as traders adjust positions ahead of the US-China meeting scheduled for Thursday, with prices dropping 10 to 12 ¼ cents. The national average cash price for soybeans is now $12.54, down 11 ¾ cents. Meanwhile, soymeal futures have varied, showing slight increases and decreases, and soy oil is down 15 to 20 points.
The USDA’s export sales report, set to be released on Thursday, is anticipated to show soybean sales between 1.5 to 2 million metric tons for the week of September 17. Additionally, bean meal sales are expected to range between net reductions of 2,000 metric tons and 6,500 metric tons. Harvest may be hampered this week in several western states due to anticipated rainfall of 1 to 4 inches.
In global markets, the Buenos Aires Grain Exchange projects Argentina’s soybean crop for 2026/27 to be 53.6 million metric tons, exceeding last year’s 50.1 million metric tons. Meanwhile, Brazilian soybean exports for September are estimated at 8.02 million metric tons, a decline of 0.3 million metric tons from previous estimates but up 9.25% from last year.
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