By Austin Schroeder
Soybeans are trading with fractional gains on Friday, with contracts fractionally higher. Futures closed Thursday with gains of 7 to 10 cents across most contracts. Preliminary open interest rose 10,261 contracts on Thursday, suggesting new buying interest.
There were 24 deliveries issued against September soybeans overnight. The cmdtyView national average Cash Bean price is up 9 1/2 cents at $9.57 1/4. Soymeal futures were up $1 to $2.60, with Soy Oil futures 49 to 61 points higher. The CME reported another 4 September soybean meal deliveries issued, with 2 reported for bean oil. September futures expire today.
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.
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