Soybean futures closed in the red on Tuesday, dropping 3/4 to 3 1/4 cents. Soymeal futures fell back $1 to $5.30/ton on the day with October the weakest. Bean oil closed with 40 to 42 point losses. The national average soybean basis from cmdtyView was 56 cents under Nov for 9/29. USDA announced a private export sale for 100,000 MT of soybeans to Mexico. The new crop bean production forecast from cmdtyView was 1.69 mbu lower in their latest figure. That came from a 1.1 mbu cut to KS production. US soybean harvest progressed 14% week to week with 20% of this year’s crop out of the fields. Condition ratings were a 364 on the Brugler500 index, up 2 points wk/wk. Ahead of tomorrow’s grain stocks report, analysts are expecting 578 mbu of soybean stocks on Sept. 1. Traders are expecting USDA to increase the estimate of last year’s crop, but with offsetting adjustments to residual use. Iran is tendering for 200k MT of optional origin soymeal.

--- provided by Brugler Marketing & Management