Soybeans closed with losses of 6 to 7 cents on August 25, 2023, with the cmdtyView national average cash price at $9.34 ¾. In related markets, soymeal futures gained $1.10 to $2.00 per ton, while soy oil saw losses between 92 and 137 points.
USDA export sales data revealed old crop soybean sales of 349,164 MT for the week ending July 24, surpassing estimates of 100,000 to 300,000 MT. New crop sales totaled 429,457 MT, with Mexico as the top buyer acquiring 213,200 MT. Bean meal bookings reached 209,095 MT, within the expected range of 200,000 to 550,000 MT. Meanwhile, bean oil sales were low at 2,525 MT for 2024/25.
Analysts expect USDA’s monthly crush data to show 196.6 million bushels of soybeans crushed in June, with soybean oil stocks projected at 1.863 billion lbs. In May, 1.025 billion lbs of bean oil were used for biofuel production, up from 829 million lbs in April.
