Soybeans are trading with futures up 15 to 16 cents at Tuesday’s midday. The cmdtyView national average Cash Bean price is up 15 cents at $9.67 1/2. Soymeal futures are $1/ton higher. Soy Oil futures are 39 lower. There were another 128 August soybean meal deliveries overnight, with 87 issued for soybean oil. August 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.
.png?w=600)
