Soybeans are trading with 2 to 3 cent gains on Thursday morning. Futures slipped back off the midday strength, to close Wednesday with gains limited to 1 to 2 ¼ cents. The cmdtyView national average Cash Bean price was up 1 3/4 cents at $9.69 1/4. Soymeal futures were up another $0.80 to $4.60 across the board, with Soy Oil futures down 10 to 48 points on the day. 

The NOAA 7-day QPF map calls for dryness in much of the east, with less than ¼ inch expected for the ECB. Totals nearing ½ inch are seen in parts of the WCB. 

Export Sales estimates are looking for between net reductions of 300,000 MT to sales of 300,000 MT for old crop bean business in the week ending on August 14. New crop sales are expected to land between 0.4 and 1 MMT. Soybean meal sales are estimated at net reduction of 50,000 MT to sales of 450,000 MT, with bean oil seen between net cancellations of 10,000 and 15,000 MT in sales.

The third day of the ProFarmer Crop Tour finished off data in Illinois, with soybean pod counts averaging 1,479.22, which was 4.23% above last year and 12.6% larger than the 3-year average. Pod counts in the western 3 districts of Iowa were above their respective 3-year average and the year prior at 1,279.25 pods in a 3’ by 3’ section in the northwest, 1,376.15 in the west-central, and 1,562.54 pods in the southwest region. 

Sep 25 Soybeans  closed at $10.15, up 2 cents, currently up 3 cents

Nearby Cash  was $9.69 3/4, up 1 3/4 cents,

Nov 25 Soybeans  closed at $10.36, up 2 1/4 cents, currently up 2 3/4 cents

Jan 26 Soybeans  closed at $10.55 1/4, up 2 cents, currently up 2 3/4 cents

New Crop Cash  was $9.60 1/4, up 2 cents,