USDA Soybean Crop Report Estimates; Soybean Futures Higher

The USDA World Agricultural Supply and Demand Estimates Report (WASDE) is due out Friday at 12:00 p.m. ET. The street estimates for U.S. soybean production are near 3.949 billion bushels, versus 3.880 billion bushels on the July USDA report. The soybean yield estimates are around 47.5 bushels/acre versus 46.7 bushels per acre on the previous report. The new crop carry-out estimates are between 285 million and 320 million bushels. The average estimate for old crop soybean ending stocks is at 320 million bushels. Trading ahead and after the report is likely to be very choppy with possible wide trading ranges. September Soybeans are trading at 1006 1/2, up 8 cents/bushel. November Soybeans are trading at 989, up 6 3/4 cents/bushel.