Soybeans head for weekly decline as US harvest weighs on prices

what happened

Soybean futures on the Chicago Board of Trade (CBOT) barely moved on Friday, but the market was still heading for a weekly decline. Expectations of a bumper American crop proved stronger than the recent wave of Chinese demand. By 0135 GMT, the most-active soybean contract had dipped 0.02% to $12.62¾ a bushel, leaving it 2.26% lower for the week.

Corn ticked up 0.21% to $4.79 a bushel yet still finished the week 0.16% down. Wheat lost 0.26% to $6.68¼ a bushel and was on track for a 0.41% weekly drop.

The US Department of Agriculture reported that 33% of the corn crop and 46% of soybeans had been gathered as of Sunday. Dry conditions across the Midwest have sped up harvesting, and many farmers have chosen to finish soybeans before corn. On Thursday the USDA confirmed private deals covering 330,000 metric tons of American soybeans bound for China, plus 283,450 tons sold to undisclosed buyers; all of it is slated for the 2026-27 marketing year that started September 1. Still, the National Oilseed Processors Association said in a monthly report released Thursday that September crush volumes came in below forecasts, at 196.3 million bushels, the lowest in 13 months.

why it matters

For traders, harvest pace is the main driver: the faster beans and corn reach the market, the more pressure lands on prices. The weak September crush points to softer domestic demand for meal and oil, while Chinese purchases offer some support. Commodity funds were net sellers of CBOT corn, soybeans and soymeal on Thursday, according to traders, which adds to the bearish tone.

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