Soybeans take 'a beating' on harvest progress, light crush report and Brazil crop expectations

It was a tough week in the grain markets. "Soybeans have kind of taken a beating this week. Corn and wheat had some pressures too. What was the major reason we kept seeing, kind of like, the sell off go on here?" Jamie Dickerman of the Red River Farm Network asked Randy Martinson of Martinson Ag Risk Management on the Agweek Market Wrap. Martinson agreed. "Right now it just looks like that this market is destined to test some lower support levels." Reasons for that on the soybean side include harvest progress starting to catch up to the five-year average, a "disappointing NOPA crush number," continuing war in the Middle East and between Russia and Ukraine and reports of a big crop out of Brazil. The National Oilseed Processors Association crush report was a surprise to the market. "This is the first time we haven't seen a record crush number come, I think since September of 2024. So it's been a while that we've seen crush kind of slow down," Martinson said.