Soybeans are trading with early gains of 10 to 12 cents on Wednesday morning. Futures closed out the Tuesday session with contracts up 21 to 22 ¼ cents across the front months. Preliminary open interest suggest some short covering, down 2,351 contracts. The cmdtyView national average Cash Bean price was up 20 1/4 cents at $9.72 3/4. Soymeal futures were $0.70 to $2.10/ton higher. Soy Oil futures were 1 to 15 points in the green. There were another 118 August soybean meal deliveries overnight, with 3 issued for soybean oil. August futures expires on Thursday.

Tuesday morning’s Crop Production report showed offsetting changes on the supply side, as acreage was cut a massive 2.5 million acres to 80.9 million. FSA certified acres were tallied at 79.76 million acres. Yield was pegged at 53.6 bpa, which was above the trade ideas of 53 bpa coming in. Production was tallied at 4.292 bbu, a 43 mbu reduction from the July WASDE vs. an estimated 39 mbu hike coming in.

Old crop carryout was cut by 20 mbu to 330 mbu, as exports say a 10 mbu hike and crush was up 10 mbu. New crop stocks were shown 30 mbu tighter to 290, as the drop in production was offset by a drop to exports. World carryout for new crop was down 1.17 MMT to 124.9 MMT as the US number tightened things down and old crop South American output was unchanged.

Brazilian soybean exports in August are estimated at 8.8 MMT according to ANEC, which was up from the 8.15 MMT number prior and would be above the 8.04 MMT total from last year.

Aug 25 Soybeans  closed at $10.11 3/4, up 22 1/4 cents, currently up 10 3/4 cents

Nearby Cash  was $9.72 3/4, up 20 1/4 cents,

Sep 25 Soybeans  closed at $10.12 3/4, up 21 cents, currently up 11 3/4 cents

Nov 25 Soybeans  closed at $10.32 3/4, up 21 1/2 cents, currently up 11 1/2 cents

New Crop Cash  was $9.63 1/2, up 21 1/4 cents,