**Soybean Market Update – October 26, 2023**
On Thursday, soybean prices showed slight declines, with the cmdtyView national average cash bean price at $11.28 ½, down by ½ cent. Soybean meal futures increased by 50 to 70 cents while soybean oil fluctuated between a 10-point increase and a 37-point decrease. A total of 122,000 metric tons (MT) of soybeans were sold to China for 2026/27.
The USDA’s weekly Export Sales report for the week ending July 30 revealed a total of 32,157 MT of old crop soybeans sold, falling short of estimates of 100,000-400,000 MT. New crop sales reached 903,920 MT, below the projected range of 0.9-1.55 million MT, marking a four-week low. Soybean meal sales were at 248,090 MT, while bean oil bookings recorded net sales of 3,926 MT, aligning with varying estimates of cancellations.
Forecasts from NOAA indicate expected rainfall across Iowa, Missouri, Illinois, Indiana, Wisconsin, Michigan, and Ohio over the next week, with totals approaching 1 to 4 inches in some areas.
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