Soybeans Fractionally Lower

Soybeans are fractionally lower this morning ahead of USDA’s reports. Front month beans closed fractionally mixed on Tuesday. Meal futures fell back in the afternoon, closing near the lows and down by as much as 30 cents/ton. Bean oil futures ended the Tuesday session 11 to 18 points in the red. November soybeans have dropped roughly 27 cents per bushel since the July USDA report in anticipation of bearish numbers in today’s report. Ahead of USDA’s August reports, traders anticipate a higher US average bean yield of 51.2 bpa on average. The average pre-report estimate for new crop production is 4.259 bbu. Analysts expect a 101 mbu bump to new crop stocks, with the average of estimates at 526.3 mbu. CONAB lowered their soybean production estimate slightly to 120.883 MMT. --- provided by Brugler Marketing & Management




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