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Soybean futures are trading 10 to 14 cents higher at midday. High temps and limited rainfall are stressing shallow rooted beans in the Midwest, and Chinese buying has been aggressive in the past week. The World Oilseed outlook raised the projected production of the seven major oilseeds from 488.4 MMT to 505 mmt for the 14/15 season. US soybean production was pegged at 101 MMT, up from the previous estimate of 91.4 MMT. China was said to have sold only 54,945 MT of the soybeans out of the 354,470 MT offered at its weekly government auction.
Aug 14 Soybeans are at $11.98 3/4, up 14 3/4 cents,
Sep 14 Soybeans are at $10.96, up 11 cents,
Nov 14 Soybeans are at $10.70, up 12 1/4 cents,
Jan 15 Soybeans are at $10.77 3/4, up 10 3/4 cents,