Soybean futures experienced a slight downturn on May 26, with contracts closing down by 2½ cents, and the cmdtyView national average cash bean price falling to $11.24¼, a decrease of 2¼ cents. Soymeal futures varied, reporting a $1.60 increase in front months, while soy oil futures decreased by 65 to 142 points. Concurrently, crude oil prices rose by $2.52 following reports of explosions in Iran.
Export sales data indicated that just 141,940 MT of old crop soybean sales were made for the week ending April 30, marking a significant low and a 62.32% decrease compared to the same week last year. Notably, China purchased 66,900 MT, while soymeal sales stood at 335,749 MT, well within the range of 150,000-450,000 MT. Conversely, bean oil bookings amounted to a mere 954 MT.
In Brazil, soybean exports are expected to reach 14.53 MMT in May, an increase of 0.35 MMT from prior estimates. Actual exports recorded in April hit a record 16.75 MMT, a 9.66% year-over-year increase.
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