**Soybean Market Update**
On Friday, July 26, soybean futures declined, with nearby contracts closing at $11.86 ¾, a drop of 7 ¾ cents. The cmdtyView national average Cash Bean price fell to $11.25 ¾, down 9 ¼ cents. The USDA reported a private export sale of 192,000 metric tons (MT) of soybeans, with Mexico being the lead buyer, securing 86,800 MT.
For the week ending May 21, total old crop bean sales reached 299,899 MT, more than doubling sales from the same week last year. New crop business saw 137,708 MT sold, with Mexico again leading at 60,400 MT. Commitment of Traders data indicated that speculative funds reduced their net long position in soybeans by 18,252 contracts, bringing the total net long to 189,552 contracts as of May 26. Soybean crush data is expected to be released Monday, with estimates suggesting 214.7 million bushels of soybeans utilized during April.
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