On August 11, 2023, soybean futures showed fractional to 2-cent gains, with the cmdtyView national average cash price rising 3 cents to $11.32. Notably, a private export sale of 122,000 MT of soybeans was reported to China for the 2026/27 crop year, coinciding with 10 cargoes purchased by Chinese buyers.
The USDA reported that old crop soybean sales for the week of July 30 reached a marketing year low of 32,157 MT, while new crop sales totaled 903,920 MT, marking a 4-week low. The bulk of new crop purchases came from unknown buyers at 497,500 MT, including 330,000 MT sold to China. A Reuters survey predicts US soybean yield at 52.9 bpa with harvested acres projected at 84.564 million.
In related data, Brazil’s soybean exports in July reached 13.4 MMT, a 9.33% increase year-over-year, while China’s soybean imports in July fell to 11.48 MMT, down 1.6% from the previous year. Sinograin is scheduled to auction 516,000 MT of imported soybeans on August 12.
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