Soybean Market Ends Higher on Wednesday

The soybean trade closed a 14c ranged session with 3 to 11 cent gains.Soymeal futures closed $1.60 to $1.80 higher. Soybean Oil futures were the weak link, ending with 43 to 68 point losses across the front months.

USDAs weekly Crop Progress report had 95% of the beans setting pods, and 16% dropping leaves as of 9/3. NASS condition ratings were 10 points lower using the Brugler500 Index, at 340. Kansas, IL, SD, MI, and MO all saw double digit drops for the week.

The monthly export data from Census showed 46.88 mbu of soyubeans were exported in July. That was a 3-month high, but still 45% below July 22. Accumulated soybean shipments were marked at 1.929 bbu, requiring an 86 mbu export for August to hit the WASDE forecast.