**Soybean Market Update**
On Wednesday, soybean prices rose, buoyed by an increase in soybean meal, with contracts climbing 7 to 8.5 cents. The cmdtyView national average cash bean price reached $10.08 ¾, up 9.25 cents. Soymeal futures gained $3.40 to $3.70, while soybean oil futures decreased by 10 to 13 points. This increase coincided with drier weather forecasts in Argentina, impacting the growing season.
The USDA is set to release export sales data for the week ending January 23, with projections of 0.4 to 1.8 million metric tons for old crop soybean sales and 0 to 100,000 metric tons for new crop bookings. Soybean meal sales are estimated to fall between 225,000 and 500,000 metric tons, while soybean oil sales are anticipated to range from 0 to 26,000 metric tons.
