Soybean futures were lower on Thursday even after the U.S. USDA reported additional private export sales, according to updated export data. Trading in the Chicago market slipped across the curve, with contract prices falling by roughly mid-to-high single-digit cents, as investors weighed strong booking activity against softer pricing momentum going into the end of the week. The market will close for Friday’s Juneteenth holiday.
Key takeaways
- Soybeans fell: July 26 soybeans were down 9 3/4 cents to $11.22 1/4.
- Export sales added to the tape: USDA reported private sales totaling 252,000 MT for the 2026/27 marketing year (132,000 MT to China and 120,000 MT to unknown).
- Complex also declined: Soybean meal and soy oil futures also posted losses.
- Implication: The market appeared to discount export volumes, focusing instead on near-term supply/demand pricing and broader downside pressure across the soybean complex.
What drove the move
USDA data showed additional private export sales this morning, including 132,000 MT to China and 120,000 MT to unknown for the 2026/27 marketing year. This followed Wednesday’s reported total of 372,000 MT (with 60,000 MT old crop and 312,000 MT new crop).
Despite the new bookings, the overall export-sales picture still failed to translate into immediate strength for soybean prices. According to the updated figures for the week of 6/11, total old-crop bookings reached 424,869 MT, exceeding trade expectations that ranged between 100,000 and 300,000 MT. The same report also indicated old-crop sales were a 12-week high, but still 11.71% below the comparable week a year earlier.
New-crop sales were also reported as 304,083 MT, which landed within the estimated range of 250,000 to 500,000 MT. The data further described the new-crop total as the largest sales figure for 2026/27 so far in that marketing year.
Market reaction across soymeal and soy oil
The weakness extended beyond soybeans themselves. According to the export update, soybean meal sales were pegged at 404,114 MT, in the middle of expectations for a range of 200,000 to 650,000 MT. The breakdown included 283,931 MT for the current marketing year and 120,183 MT for the next marketing year.
Bean oil bookings totaled 2,231 MT, versus trade expectations that looked for net cancellations of 2,000 MT to sales of 20,000 MT. Market participants appeared to treat the broader complex news as insufficient to offset existing selling pressure.
By late trading, soymeal futures were lower by amounts ranging from $4.90 to $5.10. Soy oil futures were also down, falling by another 205 to 215 points, reflecting weakness throughout the derived products market.
Prices at a glance
- Jul 26 soybeans: $11.22 1/4, down 9 3/4 cents
- Nearby cash: $10.70, down 9 cents
- Aug 26 soybeans: $11.28, down 8 3/4 cents
- Nov 26 soybeans: $11.43, down 6 1/4 cents
- New crop cash: $10.77 3/4, down 6 3/4 cents
Bigger picture
While export sales were solid—highlighted by a weekly old-crop booking total described as a 12-week high—the market’s reaction suggested investors were not ready to reprice soybeans higher solely on the latest USDA confirmations. The fact that old-crop sales remained materially below the prior year week further underscored why traders may have viewed the bullish booking headline as limited in impact.
With Friday’s session canceled for Juneteenth, traders will likely look ahead to the next set of export and crop-related updates to determine whether today’s losses represent a pause after recent export activity—or the start of renewed downside if demand support continues to be uneven.
