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Soybean Prices (ZS): Futures, Cash Bids and What the Quotes Mean

ZS is CME’s soybean futures code, but its quote is not the same as a local cash bid or USDA’s marketing-year forecast. Learn how to compare the measures, dates and units.
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There is no single “soybean price”: the number depends on whether you mean a particular ZS futures contract, a local cash bid, or a USDA marketing-year forecast. CME’s ZS futures are quoted in U.S. cents per bushel. USDA’s September 18, 2026 forecast put the U.S. 2026/27 season-average price at $12.00 per bushel, but that is not a live quote or a local offer.

What does ZS mean?

ZS is CME Group’s Globex code for soybean futures. The standard contract covers 5,000 bushels (about 136 metric tons), and its price is quoted in U.S. cents per bushel. It is a deliverable futures contract, not a universal retail price or the amount a farmer will necessarily receive at a local elevator. See CME Group’s soybean futures specifications.

The contract grade is #2 Yellow soybeans. Under the specifications, #1 Yellow carries a 6-cent-per-bushel premium and #3 Yellow a 6-cent-per-bushel discount relative to the contract grade.

What soybean price figures are available—and what do they mean?

Figure Value and date What it represents
USDA season-average forecast $12.00 per bushel for U.S. marketing year 2026/27; USDA Economic Research Service outlook published September 18, 2026 A forecast average for the marketing year, not a live futures quote or local cash bid.
November 2026 futures settlement 1,280’6 cents per bushel (1,280.75 cents, or $12.8075 per bushel) on October 5, 2026; CME quote search result A dated historical settlement for one delivery month, not an October 8 quote. CME says its website market data is delayed and for reference only.

The available settlement does not establish a live or closing price for October 8, 2026. For a current futures number, check the relevant contract month and its timestamp and delay status rather than treating an older settlement as today’s price.

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Why can a local cash bid differ from futures?

A futures quote refers to a listed contract and delivery month. A cash bid is an offer for grain at a particular location under specific delivery terms and on a particular date. USDA defines soybean basis as the difference between a local cash price and the relevant futures price; the nearby futures month is the futures leg used in its dataset. Basis varies by location, so one market’s basis should not be applied to another.

To compare a cash bid with futures, identify the cash market and delivery point, the observation date, and the related futures month. Keep the units consistent: futures are quoted in cents per bushel, while cash bids or forecasts may be shown in dollars per bushel. For example, 1,280.75 cents per bushel converts to $12.8075 per bushel.

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What was behind USDA’s 2026/27 forecast?

In its September 18, 2026 outlook, USDA ERS raised its U.S. MY 2026/27 soybean price forecast to $12.00 per bushel. The same outlook raised its production forecast by 16.0 million bushels to 4.5 billion bushels, and forecast exports of 1.69 billion bushels, crush of 2.78 billion bushels, and ending stocks of 310.0 million bushels. These are forecasts, not final results or real-time market data. The USDA’s Oil Crops Outlook and related market outlook material address broader supply-and-demand estimates; its season-average price forecast data is a separate forecast product. Neither is a substitute for a current exchange quote or a local bid.

What moves soybean prices?

CME points market readers to weather, USDA WASDE reports, prospective plantings, grain stocks, and crop-production reports. Weather across North and South American growing seasons can affect expectations for acreage, yields, and production. Stocks, exports, and crush inform the supply-and-demand picture. Such information can change market expectations, but no single report or factor reliably predicts the direction of prices.

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How to read a soybean price quote

Before comparing or acting on a number, establish what it measures and where it applies:

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  • Measure: Is it a futures last trade, an official settlement, a season-average forecast, or a local cash bid?
  • Contract or location: For futures, note the delivery month. For cash, identify the market and delivery point.
  • Date and time: Check when the price was observed, and whether a live quote is delayed.
  • Units: Distinguish cents per bushel from dollars per bushel; convert explicitly when comparing.
  • Basis: For a cash comparison, identify the relevant futures month and the local basis.

Product prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on Amazon at the time of purchase will apply.

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