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Soybean contracts surged on Thursday, November 2, 2023, with prices rising 7 to 10 cents; the national front month Cash Bean price increased by 10.5 cents to $9.58. According to the Export Sales report, 2.04 million metric tons (MMT) of soybeans were booked for the week of October 31, 2023, significantly above the estimated range of 1.2 to 2.2 MMT and 88.7% higher than the same week last year, with China as the largest buyer at 1.223 MMT.
For the same week, soymeal sales reached 398,608 MT—on the higher end of the 150,000 MT to 560,000 MT estimates—while soybean oil sales totaled 114,311 MT, surpassing expectations and marking the largest week of sales since November 2012. U.S. ending stocks are projected to decrease by 18 million bushels to 532 million bushels due to anticipated lower production.
In Brazil, soybean exports for October totaled 4.71 MMT, down from 5.6 MMT year-over-year. Meanwhile, China’s October soybean imports reached 8.09 MMT, the highest level for the month in four years, elevating total calendar year imports to 89.94 MMT, which is an 11.2% increase compared to the previous year.
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