Soybean futures saw gains of 4 to 5 cents in most contracts on Wednesday. Nearby soy meal was up $4.50/ton, with soy oil down 14 points. The Chinese Dalian Exchange saw domestic soybean futures prices up 3.95% on Wednesday over fears of an eventual shortage of the soybean supply in the country. Trade estimates are ranging 100,000-400,000 MT for old crop soybean sales in the week of 8/2 and 300,000-600,000 MT for new crop ahead of Thursday’s Export Sales report. Soy meal is seen at 40,000-250,000 MT, with soy oil expected to range 8,000-34,000 MT. Traders in a Bloomberg survey are estimating that the Brazil production number will be 119.3 MMT (-0.2) on Friday, with Argentina at 36.7 MMMT (-0.3). Chinese soybean imports from all sources dipped to 8.01 MMT in July from 8.70 MMT in June and 10 MMT in July 2017.

Aug 18 Soybeans closed at $8.93 3/4, up 4 1/2 cents,

Sep 18 Soybeans closed at $8.99 3/4, up 4 1/2 cents,

Nov 18 Soybeans closed at $9.10 1/2, up 4 3/4 cents,

Mar 19 Soybeans closed at $9.31 1/4, up 5 cents,

Aug 18 Soybean Meal closed at $337.10, up $4.40,

Aug 18 Soybean Oil closed at $28.45, down $0.14

Market Commentary provided by:

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