Soybean futures experienced slight losses on the morning of August 26, 2023, with values closing at $12.37 ½, a rise of 4 ½ cents, but currently unchanged. Nearby cash prices increased by 4 ¾ cents to $12.04. Open interest surged by 13,757 contracts on Thursday, indicating new buying activity. The USDA reported weekly export sales of 56,351 metric tons, with China purchasing 70,600 metric tons, as sales for 2026/27 reached 1.537 million metric tons, nearly triple last year’s figures for the same week.
Soymeal and soybean oil futures showed mixed results, with soymeal down between 40 cents to $1.70 and soy oil up by 11 to 22 points. Rabobank estimates Brazil’s soybean crop will decrease by 4 million metric tons in 2026/27 to 178 million metric tons. Meal sales totaled 591,179 metric tons, surpassing expectations, while bean oil sales hit 635 metric tons, falling within the estimated range of 10,000 metric ton reductions to sales.
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