Soybean contracts rallied on January 26, 2023, closing up by 10 to 11 cents. The cmdtyView national average cash bean price increased by 11.5 cents to $9.94 ¾ per bushel. Meanwhile, soymeal futures rose between $3.70 and $6.80, while soy oil futures dropped by 8 to 18 points. A total of 88 deliveries were issued against January soybeans, with 78 for bean oil.
The USDA is set to resume its normal export sales release schedule, anticipating between 0.75 to 1.3 million metric tons (MMT) of soybeans for the 2025/26 export week ending January 1, 2023. The upcoming Crop Production data is expected to reveal a final soybean yield estimate of 52.7 bushels per acre, with total production projected at 4.23 billion bushels, according to a Bloomberg survey.
