Soybean futures are down 15 to 16 cents in the front months at midday, weighed by the continued trade dispute with China. Nearby soy meal is down 80 cents/ton, with soy oil 44 points lower. Late on Tuesday, the Trump Administration announced they will begin the process of implementing 10% tariffs on another $200 billion in imported Chinese goods. 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. US production is seen at 4.324 bbu, nearly 44 mbu larger than June’s report, mainly on higher acreage. China sold 171,778 MT of 2013 soybeans from an auction of state reserves on Wednesday, totaling 34.73% of the amount offered.
Jul 18 Soybeans are at $8.37 1/4, down 15 cents,
Aug 18 Soybeans are at $8.40 1/2, down 15 1/4 cents,
Sep 18 Soybeans are at $8.45 1/4, down 15 3/4 cents,
Nov 18 Soybeans are at $8.55 1/2, down 16 cents,
Jul 18 Soybean Meal is at $333.60, down $0.80
Jul 18 Soybean Oil is at $28.44, down $0.44