Indore Soybean

Soybean prices were steady at closed on limited buying support at higher prices.

Soy oil prices were down further at closed on poor buying support against increased selling.

Soy meal prices were steady at closed on limited buying inquiries.

Soybean futures rallied 6 1/2 to 7 1/2 cents on Turnaround close. Nearby July soybean meal was up $3.70/ton, with soy oil 2 points higher.

Crop condition ratings under performed trade ideas, most notably in IL with its 17 point drop from last week on the Brugler500 scale, with IN down 1 and MN 3 lower. Ratings in NE were up 3, with ND and OH up 2.

USDA will release their monthly WASDE report this Thursday, with the average trade estimate for 18/19 soybean carryout seen at 1.056 bbu a 14 mbu drop from June.

New crop ending stocks are seen dropping 215 mbu to 830 mbu on lower production, as WOAB takes into account the low acreage number from the June 28 NASS report.