Soybean futures closed lower on Thursday, March 26, with prices dropping 1 to 3 cents. The national average cash bean price fell by 2.75 cents to $10.05. USDA reported export sales of 818,972 metric tons (MT) for the week ending January 22, significantly down from the previous week’s sales, though more than double the same week last year. China was the largest buyer, purchasing 233,500 MT.
Soymeal sales reached 464,297 MT, exceeding estimates between 225,000 and 500,000 MT, while soybean oil sales were recorded at 22,052 MT, aligning with the high end of expectations. Census data for November indicated soybean exports at 4.29 million MT (157.73 million bushels), the lowest for that month since 2007, with meal shipments at 1.34 million MT and bean oil at 45,810 MT. The USDA is set to release crush data on Monday, estimating 230.4 million bushels crushed in December.
