On May 26, 2023, soybean prices saw midday gains of 7 to 13 cents, with the cmdtyView national average cash bean price rising to $11.10 1/4. Soymeal futures increased by $12 to $15, while soy oil futures declined by 50 to 53 points. Notably, the USDA reported a private export sale of 100,000 metric tons (MT) of soybean meal to Italy.
The USDA’s latest export sales data revealed commitments at 37.905 million metric tons (MMT), marking an 18% decrease from last year, representing 90% of the new USDA estimate. Current shipments stand at 30.52 MMT, which is 73% of the USDA number, trailing behind the average pace of 84%. In its monthly WASDE report, the USDA raised the crush estimate by 35 million bushels (mbu) while cutting export projections by the same amount, leaving carry-out unchanged at 350 mbu and raising the cash average price to $10.30.
