The USDA raised old crop soybean meal and oil estimates in the most recent supply and demand report.

Soybean meal was up 50,000 short tons from April at 400,000 on an expected increase in imports due to high domestic prices, but also raised the average farm price estimate because of solid demand.

Soybean oil was up 100 million pounds on the month at 1.82 billion, with the USDA expecting a decrease in exports and food demand to cancel out a big jump in biofuels usage, with the USDA also increasing the average expected farm price for bean oil.

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