China’s Impact on Soybean Prices: a Market Overview

Soybeans faced continued downward pressure on Friday as prices remained 3 to 4 cents lower. The national average Cash Bean price dropped to $9.78 1/4. Soymeal futures also experienced a decline of 50 cents to $1.10, with Soy Oil futures down 31 to 33 points. The USDA announced a private export sale of 134,000 MT of soybeans to China, underscoring the ongoing connection between the two markets. In terms of export sales, statistics from Thursday revealed that sale commitments, both shipped and unshipped, now stand at 21.829 MMT (802 mbu), a significant 39.3% decrease compared to the same period last…