Soybeans Close Strong as June Crush Data Exceeds Estimates

The soybean market concluded Wednesday's trading session with significant strength, driven by the National Oilseed Processors Association's (NOPA) June crush data, which substantially exceeded market forecasts. The report indicated that 214.34 million bushels of soybeans were crushed in June, well above analysts' average expectation of 203.99 million bushels, creating a positive sentiment in the market.

NOPA's report highlighted that the June soybean crush volume was 2.66% higher than May and a robust 15.69% increase compared to June 2025. The daily crush rate reached 7.145 million bushels, marking its highest level since March. Furthermore, soybean oil stocks were reported at 1.5 billion pounds, falling below the trade's expectation of 1.653 billion pounds, which further supported the upward movement in soy oil prices. These strong figures suggest that processors maximized their output due to healthy crush margins and robust demand for soy products.

In response to these encouraging developments, soybean futures (ZS) saw gains ranging from 7.5 to 11 cents at Wednesday's close. The August 2026 soybean contract settled up 8.25 cents at $12.01, while the November 2026 contract rose 10.75 cents to $12.0175. The cmdtyView national average Cash Bean price increased by 8.75 cents, reaching $11.555. Soybean meal (ZM) futures advanced between $1.50 and $3.70, and soy oil (ZL) futures climbed by 16 to 52 points.

The activity in the soybean market is intricately linked to broader dynamics within the global food and energy sectors. The increasing demand for soybean oil, particularly for renewable diesel production, is elevating the strategic importance of soybean crushing capacity and its products. Earlier reports from the United States Department of Agriculture (USDA) had also revised soybean crush forecasts upwards, emphasizing the strength of both domestic and international demand.

Market analysts anticipate that the robust crush data will continue to underpin a short-term bullish trend in the soybean complex. The upcoming Export Sales data will be a key focus for the market. Analysts surveyed by Reuters expect 2025/26 soybean sales to be between 100,000 and 500,000 metric tons for the week of July 9, with new crop business estimated at 0.9 to 1.7 million metric tons. While dry weather is forecast for much of the Western Corn Belt, the Eastern Corn Belt is expected to receive more moisture, which could impact potential crop yields.