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On October 20, 2023, soybeans experienced gains of 4 to 6 ¼ cents, with January futures up 12 ¾ cents for the week, marking a significant rise in prices. The cmdtyView national average cash bean price increased by 6 ½ cents to $10.65 ½. The USDA announced a private export sale of 312,000 metric tons (MT) of soybeans to China. Additionally, weekly export sales reached 1.1 million MT, the first time breaching the 1 million MT mark this marketing year, though still 56.9% below last year.
For the week ending October 16, soybean meal sales were reported at 543,119 MT, while bean oil sales were at 19,133 MT. Analysts project upcoming soybean sales for the week of October 23 to be between 0.6 and 1.6 million MT. In Brazil, Agroconsult estimates the 2025/26 soybean crop at 178.1 million MT, representing a 6 million MT increase from the previous year.
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