Soybeans Mixed as Trade Adjusts Spreads, Corn Lower on Profit Taking
The soybean market saw mixed results as the trade adjusts spreads and monitors development weather. The outlook is generally favorable, but some areas of concern remain. Despite this, nationally, beans appear well on their way to a large crop, depending on the weather for the remainder of August.
New crop demand from China continues to support nearby contracts. Last week's old crop sales totaled 2.8 million bushels, mainly to China and Japan, but with a significant cancelation by unknown destinations. New crop sales were significantly higher at 64.7 million bushels, with China and unknown topping the list.
This week, China purchased another 125,000 tons of new crop U.S. beans, bringing the total announced sale to 505,000 tons over three days. CONAB also lowered its 2026 soybean production number slightly to a record 180.464 million tons, up 5.2% from 2025.
Corn was lower on profit taking and technical selling, despite last week's bullish post-report gains. Old crop corn export sales were above average at 16.2 million bushels, headlined by Spain and Mexico. New crop export sales were down on the week but still solid at 36.4 million bushels.