Soybean futures experienced a slight pullback on Thursday, October 5, 2023, with losses ranging from 3 to 5 cents, moving down from an overnight high of $11.78 for the November contract. The cmdtyView national average cash bean price rose by 10 cents to $11.25, while soymeal futures decreased by 40 cents to $5.40. Notably, 400 delivery notices were issued against May soybean oil, with no notices for soybeans or soybean meal on the first notice day.
The USDA’s upcoming weekly Export Sales report is anticipated to reveal 2025/26 soybean sales between 200,000 and 600,000 metric tons for the week ending April 23, along with new crop sales estimated at 0-50,000 metric tons. Soybean meal sales are projected to range from 150,000 to 400,000 metric tons, while soybean oil is expected to reflect net cancellations of 10,000 metric tons to sales of 12,000 metric tons.
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