Soybean futures were in rally mode on Thursday, with contracts 18 to 20 cents higher in the front months. The cmdtyView national average Cash Bean price was up 16 ½ cents at $9.85 3/4. Soymeal futures were up $4.80 in the September contracts but down $1.10 to $4 in others. Soy Oil futures rallied 169 to 244 points on the day. The EPA is expected to make an announcement on the backlog of Small Refinery Exemptions sometime this week.

This morning’s Export Sales report showed net cancellations of just 5,738 MT for old crop bean business in the week of 8/14. New crop sales were tallied at 1.143 MMT, exceeding estimates. That was a MY high for new crop and the largest total in combined sales since January. The largest buyer was unknown destination at 645,000 MT, with 120,100 MT sold to Mexico and 106,000 MT to Spain.

Soybean meal sales totaled 221,882 MT, between the estimated net reduction of 50,000 MT to sales of 450,000 MT, with 45,684 MT for the current MY and 176,198 MT for the next MY. Bean oil bookings were 2,596 MT, in the middle of the trade ideas of net cancellations of 10,000 and 15,000 MT in sales.

The third day of the ProFarmer Crop Tour finished off data in Illinois, with soybean pod counts averaging 1,479.22, which was 4.23% above last year and 12.6% larger than the 3-year average. Pod counts in the western 3 districts of Iowa were above their respective 3-year average and the year prior at 1,279.25 pods in a 3’ by 3’ section in the northwest, 1,376.15 in the west-central, and 1,562.54 pods in the southwest region. 

World soybean production is estimated to total 430 MMT for the 2025/26 marketing year according to the International Gains Council, up 2 MMT from last month. Stocks were up 2 MMT to 85 MMT, as consumption was up 1 MMT.

Sep 25 Soybeans  closed at $10.34 1/2, up 19 1/2 cents,

Nearby Cash  was $9.85 3/4, up 16 1/2 cents,

Nov 25 Soybeans  closed at $10.56, up 20 cents,

Jan 26 Soybeans  closed at $10.73 3/4, up 18 1/2 cents,

New Crop Cash  was $9.78, up 17 3/4 cents,