The most-active July soybean futures contract fell by 11 cents per bushel, or 1.07%, on the day to $10.41 per bu by 1pm US Eastern time.
Soyoil futures also extended losses amid a sharp decline in crude prices, contributing to pull the bean market lower.
The US dollar appreciated for the second consecutive session, adding to the bearish atmosphere in the soybean market.
Soybean futures economic and trade influences
Poor economic indicators, including a 0.3% decline in US first-quarter GDP, and higher production figures in the North American country weighed on crude prices.
The crude market faced further headwinds from an increased perception that Saudi Arabia could accept lower prices for longer, but daily price losses were somewhat capped by a drawdown in US crude inventories.
Uncertainties around any US-China trade agreement also continued to linger as the market prepared for a long weekend as many regions, including China and South America, head to the Labor Day holiday.
Offsetting factors and global wheat and corn performance
Soybean losses were capped by stronger grains prices, with wheat and corn prices up by 1.38% and 3.26% on the day, respectively.
Brazilian and Argentinian export markets
At origin, the Brazilian FOB Paranaguá paper market basis for June loading was lower by 2 cents per bu to 60 cents per bu over the July CME futures contract.
The June-loading FOB Santos premium was down by 2 cents per bu, assessed at 70 cents per bu over the July CME futures.
The Brazilian FOB July premium in the Paranaguá paper market hub decreased by 4 cents per bu to 79 cents per bu over the CME July futures contract.
In the Santos hub, the July-loading basis was lower by 4 cents per bu at 87 cents per bu over the July futures contract.
The June-loading FOB premium in Argentina was assessed unchanged at 13 cents per bu over May CME futures.
The June-loading FOB premiums in the US Gulf and in the Pacific Northwest hub were unchanged at 73 and 102 cents per bu respectively, both over July futures contract.
Soybean futures in China
In China, the world’s main destination market, Dalian Commodity Exchange soyoil futures rose, while soymeal contracts fell.
The most-liquid September soyoil contract increased by 0.67% to close at 7,832 yuan ($1,077) per tonne, while the corresponding soymeal contract fell by 1.48% to 2,920 yuan per tonne.
Daily cash soymeal sales amounted to 28,700 tonnes. Cash sales have been lackluster since the end of the previous week.
Sinograin was heard to have snapped more Argentine cargoes, with at least five reportedly purchased since the beginning of the week.
Cargoes were also bought out of Brazil, with volumes for July loading reported at 160 cents per bu over July CME futures and at least one cargo for loading in February 2026 changing hands at 125-127 cents per bu over March CME futures.
The June soybean CFR China (Brazil) premium was assessed at 143 cents per bu over July CME futures, 1 cent per bu lower from the previous assessment and equivalent to an outright price of $436.5 per tonne.
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