Soybean futures are trading with midday gains of 17 to 19 cents across the front months on Thursday. The cmdtyView national average Cash Bean price is up 18 cents at $9.86 1/4. Soymeal futures are up $2.20 to $1.70 lower, with Soy Oil futures rallying 244 points so far. The EPA is expected to make an announcement on the backlog of Small Refinery Exemptions sometime this week.

This morning’s Export Sales report showed net cancellations of just 5,738 MT in the week of 8/14, in the middle of estimates of between net reductions of 300,000 MT to sales of 300,000 MT for old crop bean business. New crop sales were tallied at 1.143 MMT, exceeding the estimated total of between 0.4 and 1 MMT. That was a MY high for new crop and the largest total in combined sales since January.

Soybean meal sales were between the estimated net reduction of 50,000 MT to sales of 450,000 MT at a total of 221,882 MT, with 45,684 MT for the current MY and 176,198 MT for the next MY. Bean oil bookings were 2,596 MT, in the middle of the trade ideas of 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  are at $10.32 3/4, up 17 3/4 cents,

Nearby Cash  is at $9.86 1/4, up 18 cents,

Nov 25 Soybeans  are at $10.54 1/2, up 18 1/2 cents,

Jan 26 Soybeans  are at $10.72 1/4, up 17 cents,

New Crop Cash  is at $9.78 1/4, up 18 1/4 cents,