USDA Soybean Exports Rebound on Bearish Estimates

Soybean prices rebounded from Friday's losses after the US Department of Agriculture released bearish supply/demand estimates, while rising crude oil prices provided support. According to the USDA, soybean exports for the week ended September 10 totaled 672,750 tonnes, a 44.8% increase from the previous week and 18.2% less than the same week last year.

The marketing year shipments of soybeans were 914,826 tonnes, down 15.8% compared to last year. The USDA also reported outstanding sales of US soybeans to China for 2026-27 at 8.98 million tonnes, accounting for 36% of the White House's target of 25 million.

AgRural estimated that the 2026-27 soybean crop in Brazil was 0.4% planted as of September 10. Meanwhile, corn made small gains despite slightly bearish projections from the USDA on Friday. The USDA reported 1.525 million tonnes of corn exported, down 8.9% from the previous week and 0.5% from the same week last year.

The marketing year shipments of corn were 2.174 million tonnes, a 0.5% decrease compared to last year. Brazil's first corn crop was 22% planted as of September 10, ahead of last year's pace of 17%. APK-Inform estimated the Ukrainian corn crop at 32.3 million tonnes for 2026-27, raising its estimate by 2.5 million from the previous one.

Wheat prices were lower due to projected global ending stocks being greater than anticipated. The Minneapolis spring wheat saw the largest price decline. The USDA reported 456,720 tonnes of wheat exported last week, down 5.9% from the week before and 39.8% less than the same time last year.