Soybean Market Surges on Crude Oil Boost

The soybean market saw significant gains on Monday at the Chicago Board of Trade, bolstered by an increase in crude oil. According to the USDA, soybean export inspections for the week ending August 13 fell to 270,201 tonnes from 409,509 the previous week. However, year-to-date inspections still surpassed 40 million tonnes at 40.04 million, albeit behind last year's 48.93 million.

The Pro Farmer conference is scheduled to begin today and will conclude on Thursday. The USDA attaché in Jakarta projects that Indonesian biodiesel production will increase to 17.6 million litres by 2026 from 15 million in 2025, with ending stocks expected to rise to 566,000 litres from 466,000.

Last week's U.S. soybean sales to China totalled 641,000 tonnes. China is set to auction off 360,000 tonnes of soybeans on Wednesday. The National Oilseed Processors Association reported a July crush record of 216.65 million bushels, short of the expected 221.5 million but still 10.7% higher than July 2025.

Corn futures also saw gains on Monday, influenced by the soybean market's upward trend. The U.S. Corn Belt is forecast to experience normal temperatures over the next 10 days, with rain anticipated in Wisconsin, northern Minnesota, and parts of North Dakota. U.S. corn export inspections rose to 1.91 million tonnes from 1.76 million the previous week, with cumulative inspections reaching 80.95 million tonnes.