**Soybean Market Update: Key Insights for October 4, 2023**
Soybean futures are experiencing early losses of 12 to 15 cents, following a strong rally on Tuesday where they closed 21 to 29.75 cents higher. The cmdtyView national average cash bean price increased by 11.75 cents, reaching $12.62. Open interest rose by 24,979 contracts, indicating significant net buying activity.
The USDA reported a private export sale of 136,000 metric tons of soybeans to China for the 2026/27 period. In related news, USDA’s July crush data showed 221.9 million bushels of soybeans processed, exceeding expectations and reflecting a 1.89% increase from June and an 8.16% rise year-on-year. Additionally, the EPA granted 18 small refinery exemptions for 2025, totaling 1.76 billion Renewable Identification Numbers (RINs) exempted.
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