Soybeans closed out the Tuesday session with contracts up 21 to 22 ¼ cents across the front months. The cmdtyView national average Cash Bean price was up 20 1/4 cents at $9.72 3/4. Soymeal futures were $0.70 to $2.10/ton higher. Soy Oil futures were 1 to 15 points in the green. There were another 128 August soybean meal deliveries overnight, with 87 issued for soybean oil. August futures expires on Thursday.
This morning’s Crop Production report showed offsetting changes on the supply side, as acreage was cut a massive 2.5 million acres to 80.9 million. Yield was pegged at 53.6 bpa, which was above the trade ideas of 53 bpa coming in. Production was tallied at 4.292 bbu, a 43 mbu reduction from the July WASDE vs. an estimated 39 mbu hike coming in.
