**Soybean Market Update – May 2023**
On May 14, U.S. soybean prices increased by 30 to 39 cents across most contracts, with the cmdtyView national average cash bean price rising to $11.52 1/4. Soymeal futures saw gains between $2.80 and $4.20, while soy oil futures climbed 160 to 185 points.
The USDA reported that soybean export shipments totaled 483,881 metric tons during the same week, a decline of 27.1% compared to the previous week, but more than double the amount from the same week last year. China was the largest recipient, receiving 203,387 metric tons, followed by Mexico (98,219 MT) and Egypt (93,265 MT). Year-to-date exports for the 2025/26 marketing year are at 34.472 million tons, down 21.9% from the previous year.
Additionally, the White House announced that China is committed to purchasing at least $17 billion annually in U.S. agricultural products from 2026 to 2028, alongside previous soybean purchase commitments from October 2025.
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