January soybeans pushed higher in the final hour after trading in a tight range overnight, supported by strong weekly export shipments.
MoneyTurkey Commodities Desk | 5 November 2026, 18:05 GMT
Key points
- January soybeans rose after weekly exports of 2.530 MMT, a marketing-year high and 46 percent above the prior four-week average.
- Net soybean sales for 2026/2027 fell 44 percent week-over-week to 1.456 MMT, still within analyst expectations of 950,000 MT to 2.5 MMT.
- Russian consultancy IKAR cut its 2026-27 wheat export forecast to 39.5 million tons from 42 million, citing rail, Baltic and Black Sea constraints.
January soybeans moved higher in the closing hour of the overnight session after holding in a tight range for most of the period. The lift came as weekly export data showed 2.530 MMT shipped — a marketing-year high and 46 percent above the prior four-week average. Corn and wheat futures also finished slightly higher, with December corn attempting to extend gains after weeks of a downtrend.
What happened
Corn and wheat futures traded slightly higher overnight and held most of those gains, finishing 3 to 6 cents higher. Soybeans traded in a tight range for most of the overnight session before pushing higher in the closing hour, according to Pro Farmer’s Ahead of the Open note.
In the same overnight window, West Texas Intermediate crude futures were roughly $1.25 higher near $89.35, while the U.S. dollar index traded 5 to 10 points firmer around 101.65. December corn tested support at $4.44 1/4 and resistance at the 10-day exponential moving average of $4.51.
January soybeans found technical support at $12.02 1/2 and the overnight low of $11.98 1/4, with resistance at $12.25 and Monday’s high of $12.37 3/4. December soft red winter wheat also finished higher.
What is driving prices
Net soybean sales for 2026/2027 totaled 1.456 MMT, down 44 percent from the previous week and 11 percent from the prior four-week average, but still within analyst expectations of 950,000 MT to 2.5 MMT. Exports of 2.530 MMT marked a marketing-year high and rose 6 percent week-over-week and 46 percent from the prior four-week average.
Net corn sales for 2026/2027 reached 1.294 MMT, down 1 percent from the previous week but up 10 percent from the prior four-week average and within expectations of 800,000 MT to 1.8 MMT. Corn exports of 1.029 MMT rose 86 percent from the previous week but fell 4 percent from the prior four-week average.
Net wheat sales for 2026/2027 totaled 538,000 MT, down 37 percent from the previous week but up 16 percent from the prior four-week average and within expectations of 300,000 MT to 650,000 MT. Russian agricultural consultancy IKAR cut its 2026-27 wheat export forecast to 39.5 million tons from 42 million tons and lowered its total grain export estimate to 49.5 million tons from 52.8 million tons, Bloomberg reported via Interfax, citing limited rail and Baltic capacity and disruptions on Black Sea routes.
Why it matters
Strong soybean exports provided a late-session lift to January futures, offsetting earlier pressure tied to concerns over Chinese purchase commitments. Pro Farmer cited Bloomberg reporting that Chinese officials have emphasized a desire to maintain stability in relations with Washington, even as some commentators linked Wednesday’s pressure to worries Beijing may feel less compelled to adhere to what the White House has described as a 25 million metric ton annual purchase commitment.
The export data showed increases primarily for China at 873,900 MT, including 442,000 MT switched from unknown destinations. Analysts quoted in the Pro Farmer note said that despite potential legislative pressure — including pending export-restriction bills — Beijing expects the current strategic equilibrium to hold.
Russian exporters have increasingly turned to rail, Baltic ports and containers to bypass the Black Sea due to Ukrainian attacks. The planned closure of river navigation in mid-November could further pressure the country’s rail network, tightening export availability and raising shipping costs heading into winter.
What to watch
- January soybean resistance at $12.25 and Monday’s high of $12.37 3/4
- December corn support at $4.44 1/4 and resistance at the 10-day exponential moving average of $4.51
- Russian rail and Baltic port capacity constraints heading into winter
- Weekly export sales data for corn, soybeans and wheat
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For information only. Not investment advice.
Sources
- Pro Farmer — Ahead of the Open | Soybeans find strength late in overnight session: profarmer.com (includes USDA weekly export sales figures and Bloomberg/Interfax citations on China and IKAR)
