**Soybean Market Update – August 26, 2023**
On August 26, soybean prices rose between 6 to 17.25 cents, with the cmdtyView national average cash price reaching $11.41, up 14.75 cents. Soymeal futures increased by $1.30 to $3.50, while soy oil gained 15 to 64 points. The USDA’s National Agricultural Statistics Service (NASS) reported a 2026 soybean yield estimate of 52.7 bushels per acre (bpa), with acreage increased to 86.8 million acres and production projected at 4.519 billion bushels, 44 million bushels higher than July’s estimates.
Additionally, the USDA announced a private export sale of 224,000 metric tons of soybeans to China for the 2026/27 shipment. In auction news, China’s Sinograin sold 461,000 metric tons of the 516,000 metric tons of imported beans offered at a price of $596.39 per metric ton. The upcoming Weekly Export Sales report is anticipated to reveal net cancellations of 200,000 metric tons to sales of 300,000 metric tons for the week of August 6, with new crop sales expected between 1.5 to 1.9 million metric tons.
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