**Soybean Market Update: August 2023**
Soybean prices saw minor declines, with August futures down 11¾ cents for the week to close at $11.56½ per bushel. As of the last report, cash bean prices rose slightly to $11.33¾. Soymeal futures decreased by $2.60, while bean oil increased by 40 to 50 points, finishing the week up 98 cents.
In notable developments, a private export sale of 238,000 metric tons (MT) of soybeans to China was reported for the 2026/27 season. Additionally, Brazil’s soybean exports reached 13.4 million MT in July, marking a 9.33% rise from last year, while China’s imports were recorded at 11.48 million MT, a 1.6% year-over-year decline. The USDA’s upcoming report is anticipated to project U.S. soybean yield at 52.9 bushels per acre.
Commitment of Traders data indicated a reduction of 29,535 contracts from spec traders’ net long positions, totaling 125,466 contracts as of August 4. New crop sales reached a four-year high at 8.373 million MT, significantly exceeding the same week last year by 133.9%.
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