Soybeans are experiencing a rebound of 8 to 10 cents on Thursday, August 24, 2023, with a cmdtyView national average cash bean price reaching $9.63 1/4, up 9 1/2 cents. Soymeal futures are also on the rise, increasing by $2.60 to $3.80, while soybean oil futures are down by 10 to 25 points. Delivery notices show 322 for August soybean meal, 60 for soybeans, and 61 against August soybean oil.
Export sales data for the week of July 31 indicates old crop soybean sales at 467,842 metric tons, significantly exceeding the expected range and marking a four-week high, 43.8% above last year. New crop business saw 545,010 metric tons, also surpassing expectations. Brazil reported record soybean exports for July at 12.257 million metric tons, 8.95% higher than last year, while Chinese imports in July were 11.67 million metric tons.
The seven-day forecast predicts heavy rainfall totals of 1 to 3+ inches over parts of Iowa, southern Wisconsin, northern Missouri, and northwest Illinois.
