**Soybean Market Update – July 4, 2023**
Soybeans are seeing mixed movements with front-month prices up 1 to 3 cents and near crops down 1 to 2 cents. The cmdtyView national average cash bean price is currently at $10.87 1/4, reflecting a 2-cent increase. USDA’s weekly export sales report indicated only 41,786 MT of old crop bean sales for the week of June 25, significantly below analysts’ expectations of 300,000 to 650,000 MT, marking a low for the 2025/26 marketing year.
In addition, new crop sales totaled 182,533 MT, also falling short of estimates around 350,000 to 900,000 MT, but up 16.89% year-over-year. Soybean meal sales reached 413,635 MT, surpassing forecasts, while soybean oil faced a net cancellation of 1,517 MT. Overall, 213.1 million bushels of soybeans were crushed in May, slightly below trade expectations but up 4.62% compared to last year. Rainfall is expected in parts of the Dakotas and the Midwest, with totals between 1 to 3 inches by the weekend.
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