Soybeans are slipping on Wednesday, with losses of 5 to 6 cents so far on the day. There were another 15 deliveries reported overnight. The cmdtyView national average Cash Bean price is down 5 1/2 cents at $9.48. Soymeal futures are back down $3 to $4.70 in the front months, with Soy Oil futures steady to 32 points higher. The CME reported another 8 September soybean meal deliveries issued overnight, with 87 for bean oil.
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. USDA will also revise ending stocks, with the 2024/25 MY seen at 328 mbu, down just 2 mbu compared to August. New crop stocks are seen at 288, again, just 2 mbu lower vs. August.
