Soybean prices declined on Tuesday, with front month futures dropping 2 ½ cents to close at $13.25 ½, while the national average Cash Bean price fell 2 ¾ cents to $12.66 ¾. The USDA’s Crop Progress report indicated that the soybean harvest is 12% complete, surpassing the 8% average pace, with condition ratings holding steady at 58% good to excellent. However, some regions are experiencing deteriorating ratings, particularly Michigan, where scores fell by 25 points.
Brazilian soybean exports for September are projected at 8.02 million metric tons, reflecting an 18.25% decline from August but a 9.25% increase year-on-year. In Argentina, the Buenos Aires Grain Exchange forecasts a soybean crop of 53.6 million metric tons for the 2026/27 season, up from 50.1 million metric tons last year. Meanwhile, China’s Sinograin sold 338,674 metric tons of soybeans on Tuesday, indicating continued demand.
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