Soybeans were modestly higher in midday trading, with the national cash benchmark up while futures saw a mixed picture across products. USDA-related export activity and fresh CFTC positioning data supported grain sentiment, even as soymeal futures declined and soy oil rose.
Key takeaways
- Soybeans gained at midday, with the cmdtyView national average cash price up 20 1/2 cents to $12.53 3/4.
- USDA-reported export developments and CFTC managed-money adding to net longs were the main catalysts.
- Despite support for soybeans, soymeal futures fell while soy oil advanced, pointing to diverging demand or processing expectations across the complex.
- Export shipment totals for the week ending Aug. 27 came in sharply below prior periods, tempering the bullish impact.
What drove the move
USDA reported a private export sale of 159,000 MT of soybeans to an unknown destination for 2026/27. That added to the day’s flow of trade-related news supporting the market.
At the same time, USDA’s FGIS data showed soybean export shipments totaling 250,801 MT (or 9.22 million bushels) during the week ending Aug. 27. The figure was 41.7% below the week prior and 49% lower than the same week last year. The top destinations were Mexico at 53,896 MT, followed by Algeria with 43,299 MT and Egypt with 42,394 MT.
For marketing year 2025/26, USDA data put total soybean exports at 40.744 MMT (or 1.497 billion bushels), which is 18.2% below the same period last year. That year-over-year shortfall has been a recurring factor for soybean traders, influencing how quickly bullish headlines translate into sustained gains.
On the positioning side, data from the CFTC showed managed money added 46,592 contracts to its net long position in the week ending Aug. 25, lifting net longs to 198,254 contracts. Additional managed-money buying can help underpin futures prices, particularly when shipment data is mixed.
Market reaction across the soy complex
In nearby trading, Sep 26 soybeans were at $12.73 1/2, down 2 3/4 cents on the day. The nearby cash price was $12.51 1/4, down 1 cent. New-crop prices also reflected a mixed tone: Jan 27 soybeans were at $13.05 3/4, up 3 cents, while Nov 26 soybeans were at $12.90 1/4, up 2 1/4 cents.
Alongside beans, product futures diverged. Soymeal futures were down $2.80 to $3 on the day, while soy oil was higher by 6 points. This spread in performance suggests traders were weighing separate drivers for crushing economics and edible oil pricing rather than treating the complex as a single-direction move.
Delivery and timing signals were also noted in the session. There were no delivery notices for FND for September beans. For the same delivery structure, the market logged 261 deliveries for September meal and 800 for September bean oil.
What to watch next
With export figures showing a strong year-over-year decline for 2025/26, investors will likely focus on whether upcoming shipment data narrows the gap. The market may also respond to further USDA export announcements, while traders continue to track CFTC positioning for signs that managed money’s net long build is extending.
Separately, attention remains on the broader soy complex—particularly soymeal and soy oil—because continued divergence there can influence expectations for crushing margins and downstream demand. Additional updates on weekly export shipments and any follow-through in new export sales for 2026/27 will be key for the next directional move.
