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On Thursday, soybean contracts rose by 2 to 3.5 cents, with the cmdtyView national average Cash Bean price increasing to $10.49 ¾. The USDA reported 1.248 million metric tons (MMT) of soybeans sold during the week ending October 30, a 13.9% decline from the previous week and a 48.7% decrease from the same week last year. Among these sales, 232,000 MT were sold to China, marking their first participation in this period.
Soybean meal sales dropped to 219,830 MT, below trader estimates of 200,000 to 450,000 MT. Meanwhile, Brazilian soybean exports reached 4.2 MMT in November, a 37.62% decline from October but 64.4% higher than November of the previous year. ANEC anticipates December exports from Brazil to be around 2.81 MMT, representing a 1.34 MMT increase year-over-year.
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