**Soybean Market Update: May 26, 2023**
Soybean contracts are trading down 2 to 4 cents, with the cmdtyView national average cash price at $11.23, down 3 3/4 cents. Export sales data from the week of April 30 reported 141,940 metric tons (MT) of old crop soybean sales, significantly below expectations of 200,000-500,000 MT and marking a 62.32% decline from the same week last year. New crop sales were reported at a mere 5,500 MT, falling short of trade ideas.
Brazil’s soybean exports for May are projected by ANEC to reach 14.53 million metric tons (MMT), a slight increase of 0.35 MMT from prior estimates. In related futures data, soybean meal sales amounted to 335,749 MT, while bean oil bookings were just 954 MT, indicating a trend of reduced demand across the board.
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