Soybean prices experienced declines on Wednesday, August 26, with losses ranging from 2 to 3.5 cents across various contracts. The cmdtyView national average cash bean price fell by 4.75 cents to $11.29. Soymeal futures decreased by $1.30 to $2.80, while Soy Oil saw a drop of 22 to 48 points.
The USDA is set to release its weekly Export Sales report on Thursday morning, with analysts predicting soybean sales between 100,000 and 400,000 metric tons for the week of July 30. New crop business is estimated between 0.9 and 1.55 million metric tons, while soybean meal sales could reach 200,000 to 500,000 metric tons. Additional auction results from China indicated that Sinograin sold 334,000 out of 501,000 metric tons of imported soybeans at an average price of $594.84 per metric ton.
The NOAA forecasts rainfall amounts of 1 to 4 inches across many Midwestern states, including Iowa, Missouri, Illinois, Indiana, Wisconsin, Michigan, and Ohio over the next week.
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