Soybean futures are trading 2 to 3 cents lower this morning. They saw moderate 3 to 5 cent gains in most contracts on Thursday. Nearby July soybean meal was up $2.50/ton, with soy oil up 10 points. The monthly WASDE from USDA showed 18/19 soybean ending stocks down 20 mbu from June at 1.05 bbu. Most of that was an increase to residual use. Production for 2019 was slashed by 305 mbu to 3.845 bbu this morning. That came via the drop in acreage shown on June 28 and a 1 bpa reduction to yield at 48.5 bpa. New crop carryout is back below the 1 bbu mark, being trimmed by 250 mbu to 795. World ending stocks saw very few adjustments for 18/19 to 112.98 MMT (+0.18), with new crop down a sharp 8.13 to 104.53 MMT primarily on the US cut. Old crop weekly soybean sales at 132,163 MT were a 9-week low and down 16.7% yr/yr.
--provided by Brugler Marketing & Management