Soybean futures are mostly 2 to 3 cents per bushel higher this morning. They settled the Tuesday session with most front contracts seeing 9 to 10 1/4 cent gains. Nearby Jan closed above $10 for the first time since mid-October, as weather issues in South America are supportive. December meal was up $5.90/ton, with nearby bean oil 5 points higher. Analysts with Informa are estimating the 2017/18 Brazil soybean crop at 110 MMT, down 1 MMT from their previous projection. Canadian soybean production is estimated at 8.1 MMT for today’s Stats Canada report, which would be 0.2 MMT lower than September but still well above 6.55 MMT last year.

Market Commentary provided by:

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