**Soybean Market Update – March 26, 2023**
On March 26, soybean exports reached 586,427 metric tons (21.43 million bushels), down by 28.3% from the previous week and 47.4% year-over-year. China was the primary import destination, receiving 270,424 MT, followed by Indonesia with 80,716 MT and Egypt with 53,245 MT. Marketing year shipments now total 29.182 MMT (1.072 billion bushels), representing a 27% decrease compared to last year.
As of Tuesday morning, soybean futures were up 1 to 4 cents, with nearby cash prices at $10.87 ¾, an increase of ¾ cent. The USDA’s National Agricultural Statistics Service (NASS) is expected to release March planting intentions data, with projections indicating 85.55 million acres of soybeans to be planted this spring—an increase of 4.33 million acres if this estimate holds. March 1 soybean stocks are projected at 2.067 billion bushels, up 158 million bushels from the previous year.
