Soybeans Gain 10–11 Cents as Meal Rally Offsets Weak NOPA Crush
Soybeans rose 10–11 cents Tuesday as soymeal rallied and rain threatened the Eastern Corn Belt, while NOPA crush hit 205.46 mbu, below estimates.
· 3 min read
In this article5 sections
Soybeans ended Tuesday 10 to 11 cents higher in the front months, lifted by a rally in soymeal futures, Nasdaq reported. The cmdtyView national average Cash Bean price rose 14 1/2 cents to $12.60.
Soymeal futures gained between $6.30 and $9.90, while soy oil moved 9 to 23 points higher in the front months and 2 to 28 points lower in deferred contracts. Harvest conditions may be impeded in the near term, with eastern Nebraska and South Dakota through Minnesota, Iowa, northern Missouri and the rest of the Eastern Corn Belt expecting more than 1 to 3 inches of rain.
Also read: Soybeans Sink 15-17 Cents as US-China Trade Meeting Ends Quiet
Key facts
- November 2026 soybeans closed at $13.18 3/4, up 14 1/2 cents.
- January 2027 soybeans settled at $13.35 1/4, up 15 cents, while March 2027 closed at $13.43, also up 15 cents.
- NOPA reported 205.46 million bushels of soybeans crushed by members in August, below the 211.55 million bushel estimate, but 8.24% above last year and 5.17% below the same week last year.
- Soybean oil stocks were 1.201 billion pounds, a 3.5% decline from a year earlier.
- CONAB estimated Brazil’s soybean crop at 180.4 MMT, down 0.06 MMT from last month, with its first 2026/27 projection at 181.64 MMT. The USDA projects 186 MMT for 26/27.
Crush data misses the mark
The NOPA crush figure of 205.46 million bushels fell well short of the 211.55 million bushel estimate, though it remained 8.24% above the prior year. The report also showed a 3.5% decline in soybean oil stocks to 1.201 billion pounds. The miss did little to dampen the session’s bullish tone, as strength in soymeal and cash beans carried the complex higher.
Brazil crop seen steady
CONAB’s latest estimate put Brazil’s soybean crop at 180.4 MMT, a marginal 0.06 MMT reduction from the prior month. The agency’s first projection for the 2026/27 crop came in at 181.64 MMT, while the USDA’s outlook sits at 186 MMT for the same period. The numbers suggest a stable production picture in South America, though the gap between CONAB and USDA estimates leaves room for later revisions.
Also read: Bitcoin Tops $87,000 as Weak September Payrolls Cut October Fed Hike Odds
Why it matters
Tuesday’s move shows how soymeal strength and cash market gains can outweigh a bearish crush report, a dynamic that matters for producers watching basis levels and for traders positioning around harvest. The rain forecast across the eastern Corn Belt could slow field work in the coming days, potentially delaying the pace of new-crop supplies reaching the market. Meanwhile, soybean oil stocks running below year-ago levels offer some underlying support to the crush complex, even as the headline crush number disappointed.
What to watch
Market participants will watch whether the rain in the eastern Corn Belt materially disrupts harvest progress and whether subsequent crush reports move closer to trade estimates. Further CONAB and USDA updates on Brazil’s 2026/27 crop will also be in focus as the South American planting window approaches.
This article is for informational purposes only and does not constitute financial advice. Commodity and futures markets are volatile and prices can change rapidly.
Source: Nasdaq
Benjamin Carter covers business, finance, and the stock market for StockPil, focusing on the trends and data that matter to everyday investors.
More from Benjamin →