**Soybean Market Update – September 1, 2023**
On September 1, 2023, soybean prices experienced significant gains, with September futures up 51 ¼ cents for the week and November futures rising 48 ½ cents. The cmdtyView national average cash bean price increased by 20 ½ cents, reaching $12.53 ¾. Soymeal futures also climbed, with a weekly increase of $20.50, while soy oil rose by 167 to 259 points.
The USDA reported a private export sale of 182,000 metric tons of soybeans to China for the 2026/27 period, along with 226,000 metric tons to unknown buyers. Additionally, 200,000 metric tons of soybean meal were sold to Germany and the Netherlands. The Commitment of Traders data showed that managed money added 46,592 contracts to their net long position, bringing the total to 198,254 contracts by August 25.
The latest Export Sales report indicated old crop soybean sales of 41.95 million metric tons, down 17% year-over-year but in line with USDA projections. As of now, accumulated sales for the 2026/27 season stand at 14.334 million metric tons, nearly double compared to the same period last year and the fourth-largest for this time frame in the past decade.
5 Stocks Our Experts Predict Could Double In the Next Year
By submitting your email, you'll also get a free pivot & flow membership. A free daily market overview. You can unsubscribe at any time.
