Soybeans rise on strong export sales, but harvest keeps weekly loss in view

Chicago soybean futures advanced 0.32% to $12.57 a bushel on Friday, while the contract remained 0.34% lower for the week. Business Recorder reported that buying was supported by US export demand, although harvesting in the Midwest continued to add to available supplies.

The US Department of Agriculture put net soybean export sales for the week ended October 15 at 2,841,200 metric tons, above the preceding four-week average and within the trade forecast range of 1,800,000 to 3,000,000 tons. BMI said the US harvest was replenishing nearby supply, while expectations of a larger Brazilian crop in 2026/27 were also pressing on prices. Corn slipped 0.05% to $4.60-1/4 a bushel and wheat gained 0.72% to $6.29-1/4, but both were heading for weekly declines of 2.95% and 4.73%, respectively.