Soybeans are trading with contracts fractionally to 2 cents lower. Futures closed out the Tuesday session with contracts 2 to 3 cents across the front months. Preliminary open interest was up 4,416 contracts. There were another 15 deliveries reported overnight. The cmdtyView national average Cash Bean price was down 2 ¼ cents at $9.53 1/4. Soymeal futures were $1.50 to $7.00 higher in the front months, with Soy Oil futures down 87 to 105 points. The CME reported another 8 September soybean meal deliveries issued overnight, with 87 for bean oil. 

NASS tallied 21% of the US soybean crop dropping leaves by Sunday, 1% behind normal. Progress in the west is lagging, with NE 19% back of the 5-year average, ND 18% behind, SD lagging by 16%, and IA 3% below average. Condition ratings were down 1% to 64% gd/ex, as the Brugler500 was 1 point lower to 365. By state, MO was down 9, IA slipping 2, SD dropping 8, and OH falling 22 points. Improvement was noted in NE, up 5, with IL up 3.

The monthly Crop Production report will be out on Friday, with a Reuters survey showing an expected 0.3 bpa drop to yield at 53.3 bpa on average. Production is estimated at 4.271 bbu, a 21 mbu reduction if realized.

Canadian canola stocks at the end of July were tallied at 1.597 MMT according to Stats Canada, down 50.5% from the same point last year. Brazil soybean exports are estimated at 7.43 MMT, according to ANEC, up 0.68 MMT from the estimate last week.

Sep 25 Soybeans  closed at $10.11 1/2, down 2 cents, currently down 4 ¾ cents

Nearby Cash  was $9.53 1/4, down 2 1/4 cents,

Nov 25 Soybeans  closed at $10.31 1/4, down 2 1/2 cents, currently down ¾ cent

Jan 26 Soybeans  closed at $10.50 1/2, down 2 1/4 cents, currently down 1 cent