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Soybean contracts experienced a slight decline on Wednesday, closing down 3 cents, while the cmdtyView national average cash bean price rose 4.25 cents to $10.99. Soymeal futures increased by $1.50 to $2.40, although soy oil futures fell by 100 to 177 points. In related news, crude oil prices dropped by $2.51 as President Trump hinted at potential ceasefire discussions with Iran, with further details expected in a national address later today.
February’s soybean crush data released by NASS reported a total of 214.2 million bushels crushed, reflecting a 12.99% increase year-over-year but a 6.04% decrease from January. The daily crush reached an all-time record of 7.65 million bushels, contributing to a marketing year total of 1.334 billion bushels, which is an 8.28% rise compared to last year. The USDA projects a 130 million bushel increase for the full year.
Looking ahead, the USDA Export Sales report, set to be released on Thursday, is anticipated to show soybean sales between 300,000 and 700,000 metric tons for the old crop, while new crop sales may range from 0 to 50,000 metric tons. Soybean meal sales are projected between 200,000 and 500,000 metric tons, with bean oil estimates at 0 to 12,000 metric tons.
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