Soybean futures are 13 to 14 cents lower this morning after the Administration announced they will begin the process of implementing 10% tariffs on another $200 billion in imported Chinese goods. Beans closed the Tuesday session with most nearby contracts steady to fractionally mixed, supported 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 moisture as well. Old crop US soybean stocks are expected on average to see little change in Thursday’s USDA report, with the trade guess at 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. Tuesday morning’s CONAB report put Brazilian 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, with Argentina seen at 36.7 MMT.

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