Today Markets Analysis: US soybean futures are heading into the next session with a modestly firmer tone, after contracts gained 1¾ to 3½ cents on Wednesday. November 2026 soybeans closed at $13.20½ per bushel, while January and March 2027 futures also moved higher. However, weakness across soymeal and soybean oil is tempering the broader bullish signal, leaving the market focused on whether export demand can provide further support.

The next major catalyst will be Thursday’s USDA Export Sales report, with analysts expecting between 0.9 and 2.4 million tonnes of 2026/27 soybean sales. At the same time, rising Canadian soybean production and mixed product-market performance could limit the upside if demand fails to accelerate.

Soybean Futures Move Higher Into the Close

November 2026 soybeans gained 1¾ cents to $13.20½, while January 2027 futures added 2 cents to $13.37¼.

March 2027 soybeans increased 2¼ cents to $13.45¼, while the national average cash soybean price rose 1¾ cents to $12.62¾.

The gains indicate that buyers remain engaged, but the relatively modest size of the move suggests the market is still looking for a stronger fundamental catalyst before establishing a more decisive direction.

Bullish Sentiment

• Firm soybean futures: November, January and March contracts all moved higher.
• US export demand potential: Analysts expect 0.9–2.4 MMT of 2026/27 soybean sales in Thursday’s report.
• Lower Canadian canola production: Canada’s 2026/27 canola crop is estimated at 22.05 MMT, down 0.8% year-on-year.
• Export data could provide a fresh demand signal: Strong bookings would reinforce evidence that US soybeans remain competitive in global markets.
• Front-month strength: The continued upward movement across nearby contracts indicates that the market is retaining some underlying support.

Bearish Sentiment

• Soymeal weakness: Soymeal futures declined between 20 cents and $2.10, removing an important source of support from the soybean complex.
• Soybean oil weakness: Soybean oil fell 50 to 69 points, signalling weaker product-market momentum.
• Higher Canadian soybean production: Canada’s soybean crop is forecast at 7.456 MMT, up 7.8% from last year.
• Large North American supply potential: Increased Canadian soybean production could add to regional availability.
• Export expectations remain wide: The 0.9–2.4 MMT forecast range highlights uncertainty surrounding the strength of upcoming US demand.

US Export Sales Become the Next Major Test

The soybean market is now looking toward Thursday’s USDA Export Sales report for confirmation of international demand.

Analysts surveyed by Reuters expect US soybean sales for the 2026/27 marketing year to fall between 900,000 and 2.4 million tonnes for the latest reporting week.

Soymeal bookings are expected to range between 150,000 and 650,000 tonnes, while soybean oil expectations range from net cancellations of 10,000 tonnes to combined sales of 10,000 tonnes.

A result toward the upper end of expectations could strengthen the demand narrative and give soybean futures another reason to push higher.

A weaker-than-expected report, however, would leave the market more exposed to supply-side concerns and the recent weakness in soybean products.

Canadian Production Adds to the Supply Equation

Statistics Canada estimates Canada’s 2026/27 soybean crop at 7.456 MMT, an increase of 7.8% from last year.

That increase represents an additional source of North American soybean supply heading into the new marketing year.

By contrast, Canada’s canola production is forecast at 22.05 MMT, down 0.8% year-on-year.

For soybeans, the larger Canadian crop could become increasingly relevant if US export demand does not strengthen sufficiently to absorb available supplies.

The market will therefore be watching not only the size of the US crop and export program, but also how production across North America affects regional supply availability.

Soybean Market Snapshot

Soybean Products Could Determine the Next Move

The performance of soymeal and soybean oil will remain important because soybean futures do not trade in isolation from the products generated through crushing.

Wednesday’s weakness in both products provides a counterweight to the higher soybean futures.

Soymeal futures fell as much as $2.10, while soybean oil declined 50 to 69 points.

If product prices remain under pressure, soybean futures could find it harder to extend their recent gains. Conversely, a recovery in meal or oil alongside stronger export demand could provide additional support to the soybean complex.

The next few sessions should therefore reveal whether Wednesday’s soybean strength represents the beginning of a broader improvement in demand sentiment or simply a modest rebound within a mixed market.

Canadian Soybean Growth Adds a Longer-Term Supply Headwind

The increase in Canadian soybean production to 7.456 MMT adds another supply consideration for the months ahead.

An 7.8% year-on-year increase would provide additional beans to the North American market and could increase competition for storage, processing capacity and export demand.

That does not necessarily mean lower prices, however. The impact will depend on how quickly production reaches the market and whether domestic and international demand expands sufficiently to absorb the additional supply.

What Traders Are Watching Next

The immediate focus will be Thursday’s USDA Export Sales report.

Traders will also monitor:

• US soybean export commitments
• Soymeal and soybean oil demand
• US harvest progress and yield results
• Canadian soybean production and harvest conditions
• Brazilian soybean planting prospects
• Global soybean export competition
• Soybean crush margins
• Chinese and broader Asian import demand
• US dollar movements and export competitiveness
• Soybean futures spreads

Currency Hedger View

Soybeans remain highly exposed to currency movements because Brazil, the United States and other major producers compete for international buyers.

Changes in the US dollar and Brazilian real can alter the relative cost of soybean exports even when futures prices remain unchanged.

For international agricultural businesses, this means the effective price of soybeans can be influenced by both the underlying commodity market and the currency in which the transaction is ultimately settled.

Currency Hedger — www.currencyhedger.com

Market analysis contributed by Currency Hedger, an Octalas Group division specialising in foreign exchange, currency risk and hedging.

Today Markets View

Soybeans are entering the next phase of trading with modest upward momentum but limited confirmation from the wider soybean complex.

The immediate opportunity for further gains lies in stronger US export demand. If Thursday’s sales data comes in toward the upper end of expectations, it could reinforce the current price strength and shift attention toward improving demand.

The opposing risk is that higher Canadian soybean production, combined with weaker soymeal and soybean oil prices, could limit the ability of soybean futures to extend their gains.

The market’s next direction will therefore depend heavily on whether export demand can overcome the emerging supply and product-market headwinds.

“Soybeans are showing resilience, but the next move will require confirmation from demand. Strong US export bookings could extend the current strength, while weaker sales combined with rising North American production would leave the market vulnerable to renewed supply pressure.” — Louis Roche, Analyst, Today Markets

Bottom Line

Soybean futures moved higher on Wednesday, with November 2026 soybeans rising 1¾ cents to $13.20½, while January and March contracts also advanced.

The bullish case is centred on firmer futures, the potential for strong US export sales and a modest decline in Canadian canola production.

The bearish case is focused on weaker soymeal and soybean oil prices, together with Canada’s 7.8% increase in soybean production to 7.456 MMT.

The next major signal will come from US export demand. Strong bookings could provide the catalyst for further gains, while disappointing demand would leave the market increasingly focused on rising North American supply.

For now, soybeans remain caught between potentially stronger export demand and a growing supply cushion, making Thursday’s data particularly important for the market’s near-term direction.

Analysis by Louis Roche, Analyst, Today Markets

Market analysis contributed by Currency Hedger, an Octalas Group division specialising in foreign exchange, currency risk and hedging.