According to USDA export sales data released this morning, 349,164 MT of old crop soybeans were sold in the week ending July 24, exceeding the 100,000 to 300,000 MT estimates. This was a 3-week high and also higher than the same week last year. Egypt purchased 102,400 MT, while Mexico bought 81,900 MT. New crop sales totaled 429,457 MT, within the expected range of 100,000 to 600,000 MT. This was an increase from the prior week, though China has yet to participate. Mexico was the top buyer with 213,200 MT, while unknown buyers purchased 191,500 MT.

Soybean meal bookings were 77,129 MT for the current marketing year and 131,966 MT for the next year, totaling 209,095 MT, which falls within the 200,000 to 550,000 MT expected range for the two years combined. Soybean oil sales were 2,525 MT for 2024/25 and 558 MT for 2025/26, at the lower end of the 0 to 23,000 MT estimates.

USDA will release monthly crush data on Friday, with analysts expecting 196.6 million bushels of soybeans crushed in June. Soybean oil stocks at the end of the month are projected to be 1.863 billion lbs. EIA reported that 1.025 billion lbs of soybean oil were used in biofuel production in May, up from 829 million lbs in April.