April 29, 2026 — Soybean futures ended Tuesday’s session mixed, with front-month contracts declining while deferred months edged higher. The mixed close came as the USDA reported planting progress far ahead of the historical average, and as crush margins hit new highs.
The cmdtyView national average cash bean price fell 1 1/4 cents to $11.15 per bushel. May 26 soybeans settled at $11.73, down 4 1/4 cents. July 26 soybeans closed at $11.89 1/4, down 2 3/4 cents. In contrast, November 26 soybeans rose 1 1/4 cents to $11.67, and new crop cash was up 1 cent at $11.05 3/4.
Also read: Wheat Futures Hold Gains as Crop Ratings Stay Steady
Planting Progress Accelerates
The USDA’s weekly Crop Progress report, released April 26, showed the U.S. soybean crop was 23% planted. That is well above the 12% average pace for this time of year.
Among the 18 major reporting states, several showed notably fast planting. Illinois was 18 percentage points ahead of its average. Indiana was 27 points ahead. Minnesota, Nebraska, and Ohio also reported significant leads. Only Iowa, Michigan, and Wisconsin reported slightly slower-than-average planting.
Also read: Corn Futures Climb on Strong Planting Pace, Export Data
National emergence stood at 8%, compared to the 1% average. This suggests the crop is developing quickly under favorable conditions.
NOAA’s 7-day precipitation forecast shows scattered totals across much of the planting region, from the Dakotas through Kansas and into Illinois. That could support continued planting progress over the next week.
Crush Margins at Record Levels
Soymeal futures fell $0.40 to $1.50 across front months. But soy oil futures rose 50 to 112 points, providing support to the complex.
Crush margins remain firm and hit new all-time highs, reaching $3.67 3/4 per bushel using the CBoT formula. Industry watchers note that this reflects strong demand for both meal and oil, particularly for renewable diesel feedstocks.
D4 Renewable Identification Number (RIN) values are above $1.90 per gallon, the highest since late 2022. This suggests that renewable fuel producers are paying a premium for qualifying feedstocks, which supports soy oil prices.
Brazilian Exports Revised Lower
The National Association of Cereal Exporters (ANEC) revised its estimate for Brazilian soybean exports in April down to 15.87 million metric tons. That is a reduction of 0.52 million metric tons from the previous estimate.
The revision could reflect slower port operations or logistical constraints. But Brazil’s export pace remains strong by historical standards, which continues to pressure U.S. cash prices.
What This Means for Traders
The combination of rapid U.S. planting progress, record crush margins, and strong soy oil prices creates a complex picture for soybean markets. Front-month contracts are feeling pressure from the fast pace of planting, which could lead to a larger crop. But deferred contracts are finding support from strong demand for meal and oil.
The implication is that the market is pricing in a potential supply increase later this year, while near-term demand remains reliable. Traders will watch weather patterns closely over the next few weeks. Any disruption to planting could quickly shift the balance.
This article was produced with AI assistance and reviewed by our editorial team for accuracy and quality.
