Soyoil Price Drop Drives US Grain Market Declines on Wednesday

The US soybean market saw significant declines on Wednesday, led by sharp drops in soyoil futures. The USDA reported that the July soybean crush was 8.2% higher than last year at 221.9 million bushels.

Soyoil stocks increased 4.7% to 1.96 billion pounds from a year ago. StoneX raised its projection for Brazil's 2026-27 soybean crop by 400,000 tonnes to 183.5 million.

The USDA announced a private sale of 202,000 tonnes of 2026-27 soybeans to China. Corn futures also fell due to spillover from the soy market, despite gains in crude oil.

Ethanol production rose 2% to an average 1.11 million barrels per day for the week ended Aug. 28. However, stocks decreased by 171,000 barrels to 25.04 million.