Soybean futures closed the Tuesday session with most nearby contracts steady to fractionally mixed, held up by meal. Nearby soy meal was $2.60/ton higher, with soy oil 14 points in the green. The 7-day QPF shows forecasts for rain concentrated throughout most of NE, IA, and MN into the beginning of next week, with some of the ECB catching some moisture as well. Old crop US soybean stocks are expected to see little change in Thursday’s USDA report to 507 mbu. New crop is seen at 471 mbu, nearly 86 mbu above June on more acreage. The USDA is expected to factor in adjustments from the US-China trade dispute in that report. That is assuming there are any. Tuesday morning’s CONAB report showed projected soybean production at 118.88 MMT, up 830,000 MT from the previous estimate. That is on par with most estimates of 118.9 MMT ahead of Thursday’s WASDE, as Argentina is seen at 36.7 MMT.
Jul 18 Soybeans closed at $8.52 1/4, up 1/2 cent,
Aug 18 Soybeans closed at $8.55 3/4, unch,
Sep 18 Soybeans closed at $8.61, unch,
Jan 19 Soybeans closed at $8.81 1/4, down 1/2 cent,
Jul 18 Soybean Meal closed at $334.40, up $2.60,
Jul 18 Soybean Oil closed at $28.88, up $0.14