Soybeans Break to New Highs on Thursday’s Rally

Soybeans experienced a remarkable rally on Thursday, with prices surging across the board. The national average Cash Bean price hit $12.74 ½, while Soymeal futures climbed by $2.30 to $5.50. Soy Oil saw an impressive increase of 102 to 135 points. The United States Department of Agriculture (USDA) reported private export sale announcements totaling 272,000 MT of soybeans to China for the 2026/27 season and 206,500 MT of soybeans to other destinations in the 2026/27 cycle.

Analysts surveyed by Reuters anticipate that weekly export sales data, due out on Friday morning, will reveal no net cancellations, with traders expecting a range of 500,000 MT for 2025/26 soybeans. The new crop sales are projected to fall within a range of 1 to 2.6 MMT during the week of September 3, while soybean meal sales are expected to range between 150,000 and 950,000 MT.

Meanwhile, Arabica Coffee prices took a significant hit, falling sharply due to ICO projections of record coffee production. The USDA will update their data on Friday, with traders surveyed by Bloomberg forecasting a yield reduction of 0.3 bpa to 52.4 bpa on average. Production is estimated to decline by 27 mbu to 4.492 bbu. Old crop stocks are projected to drop by 5 mbu to 320 mbu, with new crop US carryout expected to decrease by 29 mbu to 291 mbu.

On the date of publication, Austin Schroeder had no positions in any of the securities mentioned in this article. All information and data presented in this article are for informational purposes only. This article was originally published on Barchart.com.