**Soybean Market Update:**
On August 25, 2023, soybean futures showed mixed results, with gains of 3 to 7 cents in morning trading but a weekly decline of 11 ¾ cents for August contracts. The cmdtyView national average cash soybean price increased by a penny to $11.33 ¾ per bushel. Notably, a private export sale of 238,000 metric tons of soybeans was reported to China for the 2026/27 season.
According to the Commitment of Traders data, speculators reduced their net long positions in soybean futures and options by 29,535 contracts, bringing the total down to 125,466 contracts as of August 4. A Reuters survey anticipates the USDA’s upcoming report will project U.S. soybean yields at 52.9 bushels per acre and harvested acreage at 84.564 million acres, up 163,000 acres from June estimates, with total production forecasted at 4.472 billion bushels.
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