Soybeans traded lower on Friday, with futures down by 1 to 2 cents following a Thursday close that saw losses ranging from fractional values to 8 cents. The cmdtyView national average cash bean price decreased by 7.75 cents to $10.61. Open interest rose by 2,894 contracts.
USDA export sales for the week ending June 4 reported bean sales of 211,292 MT, a 23.68% decline from the prior week but higher than the same week last year. Major buyers included Egypt (67,600 MT), Japan (56,400 MT), and an unknown entity purchasing 120,000 MT, with total new crop sales at 1.032 MMT, down 7.69% year-over-year.
Soymeal sales were reported at 426,138 MT, while bean oil sales totaled 824 MT. Old crop U.S. soybean stocks remained steady at 340 million bushels, with new crop stocks unchanged at 310 million bushels. Global soybean production forecasts for Brazil and Argentina were adjusted to 180 MMT and 50 MMT respectively.
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