Soybean futures are showing 6 1/2 to 7 1/4 cent gains in the front months on bargain hunting following yesterday’s bearish report. Sept soy meal is up $4.10/ton, with nearby bean oil 4 points higher. The USDA announced a private export sale of 167,370 MT of soybeans to Mexico for 17/18 delivery through their daily reporting system. Old crop ending stocks were trimmed 25 million bushels on stronger exports and crush yesterday. A 25 mbu increase in new crop exports and lower beginning stocks offset larger production to leave ending stock unchanged. The 17/18 cash average process was lowered a dime to $9.20.World ending stock for 17/18 shifted down just 0.25 MMT, as larger US production was offset by smaller world production and carryover. Prevent plant soybean acres for September came in 3,666 acres short of August at 432,944 acres across the US.

Sep 17 Soybeans are at $9.50 3/4, up 6 1/2 cents,

Nov 17 Soybeans are at $9.57 3/4, up 7 1/4 cents,

Jan 18 Soybeans are at $9.68, up 7 1/4 cents,

Mar 18 Soybeans are at $9.76 3/4, up 7 1/4 cents,

Sep 17 Soybean Meal is at $299.20, up $4.10,

Sep 17 Soybean Oil is at $34.88, up $0.04

Market Commentary provided by:

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