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Soybean futures are mixed within a penny of even money at midday ahead of the three day weekend. Nov beans hit a low of $8.65 1/4 so far this morning; down 17% from the most recent high on July 14. With US harvest beginning and a weaker basis, more of the sales are coming to the US. Informa projected the US average soybean yield will hit 47 bpa. That would put the crop at 3.924 billion bushels. That is too many beans, and the hidden hand of the market is trying to encourage use and discourage South American acreage expansion. The majority of soybean fields across I-80 in Iowa are still green, with very few fields starting to turn. The NWS forecasts less than .25 inches of precipitation for a large part of the soybean growing region through the weekend.
Sep 15 Soybeans are at $8.80 3/4, up 1 cent,
Nov 15 Soybeans are at $8.69, down 1/2 cent,
Jan 16 Soybeans are at $8.72 1/2, down 1 cent,
Mar 16 Soybeans are at $8.73 1/4, down 1 1/4 cents,