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Record New Crop Sales Boost Soybean Futures
16 Aug
Summary
- China made a significant soybean purchase for 2026/27 shipment.
- New crop soybean sales reached a four-year high, doubling last year's pace.
- July soybean crush estimates suggest a substantial year-over-year increase.
Soybean markets are experiencing upward momentum with futures contracts trading higher as August deliveries conclude. Overnight activity included 138 deliveries against August soybeans, indicating active contract expiration.
Adding to the positive sentiment, USDA reported a significant private export sale of 136,000 metric tons of soybeans to China for the 2026/27 shipping period. This substantial transaction contributed to the week's total announced sales to China reaching 641,000 metric tons.
Old crop soybean sales have reached 41.79 MMT, fulfilling 101% of the USDA forecast. Current shipments stand at 39.587 MMT, representing 96% of the USDA projection. Encouragingly, new crop bean sales have surged to 10.13 MMT, marking a four-year high and more than doubling the volume from the same period last year.
Market participants are awaiting the NOPA report, with July soybean crush estimates around 221.5 million bushels. This figure, if realized, would be more than 25 million bushels above last year's July crush. Soybean oil stocks are projected to be around 1.454 billion pounds. Meanwhile, China's Sinograin is scheduled to auction 360,000 MT of imported beans this Wednesday.
