Crop imports and exports: Soybean harvest trails behind five-year average, beef prices drop

Soybean futures, or contracts that set specific buying or selling dates for soybeans, were down overnight on Thursday, Oct. 15, reports Tony Dreibus for Successful Farming.

The national soybean harvest was only 46% complete as of Sunday, Oct. 11. Though that number is up from the previous Sunday, it still lags behind the five-year average of 50% completion at this time of year. Soybeans were underpinned, or protected from further economic collapse, "after the USDA announced a sale of 470,000 metric tons to China for delivery in the 2026–2027 marketing year that started on Sept. 1."

Outside of these exports, imports are lowering retail beef prices, though pork costs are rising. "Ground beef prices fell to an average of $6.483 a pound last month while ground chuck dropped to $6.792 a pound, the agency said. Those prices are down from $6.774 and $6.923 a pound, respectively." Sliced bacon rose to $6.756 a pound from $6.605 a pound earlier in September. Similar increases are seen in ham and pork chop costs.

Beef prices are down because of President Trump’s August initiative to import 300,000 metric tons of tariff-free beef between September, October and November. Ranchers opposed the plan, believing it would artificially and temporarily depress prices while spurring unnecessary foreign competition.